It seems like the whole world is facing a financial crunch. Based on my personal observations, I think several factors contribute to this situation:
International Instability: Ongoing conflicts such as the Russia-Ukraine war and the prolonged tensions in the Israel-Palestine region.
Rising Interest Rates: The U.S. dollar entering a cycle of increased interest rates.
Post-Pandemic Aftermath: The lingering effects of the COVID-19 pandemic.
The government and of course, the people too may have made a lot of bad decisions to have led us to this state and economic situation. But at the end of the day, we should still look on the bright side. For our dear Bitcoin, we've got more investors than ever before. We've also got the wide adoption of skills acquisition, web business personnel, and others. Maybe this economic conflict may lead to a better civilization.
That growth in bitcoin is not only the achievement of bitcoin, but also the disappointment people have in other assets as well. I am not saying that bitcoin isn't great, it's definitely the best we have and people see that, can you find many wrong things about bitcoin?
You can of course find it, but does that change the fact that everything else is even worse? No it doesn't. Fiat is terrible, if you keep your money in fiat then you lose it to inflation, stocks are terrible because companies could be mismanaged and go down a lot, and many other bad stuff could happen as well, whereas if we are looking at something so clear with what we have right now, which is bitcoin then you will realize that it won't disappoint you. This is why people invest into it.