There are a few good reasons for Bitcoin to do so. First of all there’s the ultra-low interest rate environment, which makes the Bitcoin “carry trade,” an appealing proposition.

Then, there’s a growing mistrust of national currencies, following a number of government policies that have pushed more investors to Bitcoin.

One of these policies is the pouring of new debt onto old debt by issuing new treasury bonds at record low rates. Japan, for instance, sells treasuries that yield next to nothing, though its debt amounts to as much as 250 percent of GDP. China’s treasuries yield something, but no one knows what its unofficial debt is.

Wouldn’t you rather hold Bitcoins rather than yen or yuan denominated debt? Apparently some investors think so.

Another policy is the efforts of governments in emerging markets to get rid of old currency notes, as was the case with India and Venezuela a few months ago – a move which coincided with the beginning of the recent Bitcoin rally.