A considerable number of small-time enthusiasts were also buying at the affordable end of the market, keen to celebrate the technology by investing in blockchain art.
Information asymmetry, low number of market participants, and externalities from use of non-renewable energy to mine will all be resolved in time, most likely by the end of this decade.
In China, the consequences are frozen bank accounts, an inability to buy train or plane tickets, elimination of creditworthiness, automated fines for trivial offenses, and more.
Citizens will be unable to speak and act freely.
But they have to participate in the Bitcoin game whether they want to or not.
If Bitcoin can achieve the market capitalization of gold, it would see over 50x return on investment.