> There are several factors driving the bitcoin prices up, including people from European countries converting their money to bitcoin because it makes it harder to seize.

I doubt many people are stupid enough to trust Bitcoin with their savings.

The thing with Bitcoin is that identities are easily made, and transactions are hard to track. Nothing is stopping you from creating a whole load of transactions between addresses you own, essentially creating a lot of traffic and faking interest in the currency. I'm sure there are lots of Bitcoin bots out there propping up prices, run by speculators who bought low.