It's important to realize the global macro environment is pushing up prices of everything: houses, stocks, just, all of it.
I'll admit I'm surprised by Bitcoin, I actively avoided it thinking it would crash long before now. But I wouldn't treat the past five years as anything remotely "normal". We're in one of the longest bull markets the US has ever seen and there are a lot of macro forces that will eventually end it, e.g. boomer retirement, student loan debt overhang, pension obligations. I was just reading some of Dalio's daily observations on some of this, they're quite good.
I'll admit I'm surprised by Bitcoin, I actively avoided it thinking it would crash long before now. But I wouldn't treat the past five years as anything remotely "normal". We're in one of the longest bull markets the US has ever seen and there are a lot of macro forces that will eventually end it, e.g. boomer retirement, student loan debt overhang, pension obligations. I was just reading some of Dalio's daily observations on some of this, they're quite good.