The smart would look at this as nothing more than a speculative bubble-- everything about it is a classic bubble. If they are smart, they will probably stay away.
Did the smart also stay away from buying stock in Microsoft or Apple, pre-IPO?
Bitcoin is currently like a pre-IPO tech stock. You can't even buy it in your online brokerage account yet. And, like tech stocks, it is based on a specific technological innovation. People who are buying bitcoin are betting that the innovation of cryptocurrency is going to catch on and be used much more widely. I think that's a smart position, and I don't think there's any reason to believe that bitcoin's current valuation is just a bubble.