Bitcoin Climbs Above $7,000

The video discusses the recent Bitcoin bull run, questioning its link to the US-China trade war. It highlights that Bitcoin's market is driven by speculation and sentiment, not fundamentals. Despite negative news like the Binance hack, Bitcoin remains in a bullish phase. A key structural change from 2017 is the absence of ICOs, which previously drove demand. This makes the current market more speculative.

According to the speaker, what role does speculation play in the Bitcoin market?

What does the speaker imply about the future of Bitcoin if the current market conditions persist?