It's a valuation question for me at this point. On the one hand, it's easy to look back at what has happened with the price over the last 8 years and say at any point "well, we never thought X price was possible, but look at it now." That's a rather faulty logic that would suppose that the price will never stop going up, and nothing in economics works that way, so accepting it as a given makes me nervous to start.

But on the valuation front, Bitcoin has a market cap of $136 billion with a price of $8100 per coin. To reach $25,000 per coin, the market cap would be $408 billion if the number of coins remains the same, but there will be more coins at that point so the market cap will actually be higher. So the question to me is do I see Bitcoin reaching a total worth of $450ish billion? The threats to that are the fact that Bitcoin currently hasn't been able to scale and is susceptible to spam attack and there are worthy competitors that even at this point may be better at being Bitcoin than Bitcoin is, so future money coming into crypto might not go to Bitcoin but to other cryptocurrencies. That gives me enough doubt to wonder if Bitcoin can actually reach a price of $25,000 per coin. At this point, I wouldn't bet on it. That's not to say that I would bet against it, but I'm not putting more money into right now, and that's just a decision based on my personal appetite for risk. The potential reward here isn't worth the risk of buying at this price.