Bitcoins taking off

It is interesting to see Bitcoins taking off, as the official sources and mass media are starting to discuss the phenomenon. Todays market closed at 957 dollars. Only few drops have happened recently, Bitcoin seems to be relatively stable at the moment. Now the question is, how much people trust it is as a stable medium, or is it just a speculative financial instrument. If speculators have joined the game, after quick growth, they will dump the coin. If done in large quantities, this can cause mass hysteria and bring the whole currency down. On the other hand, there are plenty of people who have invested in the mining of Bitcoin, these investors have purchased plenty of equipment. And some firms have specialized in producing the mining equipment. A completely new economy has been created around Bitcoin and other electronic currencies (for instance, Litecoin).