Bitcoin price: Loss of confidence in official currencies or stochastic bubble?

We need to make sense of the very sharp rise in the price of Bitcoin. It has risen from USD 4,000 at the start of 2019 to USD 7,000 at the start of 2020 and then USD 30,000 at the start of 2021. Two interpretations are possible: Confidence in traditional official currencies has been eroded by excessive money supply growth. Savers are trying to get rid of official currencies and are buying safe haven assets, including Bitcoin. Because the supply of Bitcoin is rigid, this results in a very sharp rise in its price; It is a standard stochastic bubble. Because Bitcoin does not pay any income, its fundamental value is zero; its price can therefore follow a stochastic bubble, the expected value of which increases with the interest rate but can at any time increase strongly or collapse. A statistical analysis leads to the conclusion that: The money supply does have an effect on the Bitcoin price; But there is a large bubble component .