The price of a stock or an asset reflects the belief about the current and future value of the asset. At over $15,000, one Bitcoin is quite expensive, but that doesn't mean we've hit its ultimate peak — remember we felt that way when it hit $1,000, and now it is up to more than $15,000. Bitcoin could still continue to go up in value.

Even if the market is not perfectly efficient, history shows us that even experts are not capable of knowing the future of particular stocks or specific investments beyond the current price. Experts can guess, and they can even give convincing explanations, but the price of the investment already reflects their rationales. When it comes to Bitcoin, it might be likely to be a failure, but the price already reflects that possibility. The price of $15,000 is probably about right, given the risk of failure and the potential reward from success.