Yup! Public markets are at all time highs. Other hard assets are also at all time highs. This sort of speculative investment only makes sense when nothing else is attractive.

And it's cash from asset managers. Its not 10Bn worth of compute time from Microsoft or Google.

Its a strange way to view things.. the investors found a place to invest money from which they can make profits and they did it.

Much like any other investment. What do you think makes this more speculative than any other investment?