By magic?
The question is, is the growth of the price of bitcoin fuelled by speculators?
Answer that as "no" and you probably feel quite safe buying bit coins for speculation. Answer that as "yes" or "I don't know" and you should be weary of buying bit coins for speculation.
No magic involved - if you want to absolutely pedantic about it, here's the reasoning:
Current legacy market price for gold - $1,544 per/ounce (USD)
Current USD Valuation of Bitcoin: 29.15
Percent change needed to equal the green toilet paper valuation: 51.967%
Seeing how a lot of people see $100 USD to bitcoin coming soon, and a $1,000 USD to bitcoin not much after, it isn't out of the realm of possibility.