I guess it's the same as with paintings. Bitcoin is like a Picasso. There are just so many and you have to pay a lot of money to get one.
On the other hand, if you go to the next university and visit the art classes, you'll find enough talented people who'll sell you their own pictures for a lot less.
My neighbour two doors down is a regionally known full time professional painter hustling between teaching and shows and creating works that start at a few thousand dollars and sell at those prices.
But a few years ago the artist's agent brought an offer that was too good to refuse - license some works to a high end retailer for Giclee prints. It provides a real base income that pays the mortgage and the heat and the water bill.
For those not familiar with the term "Giclee"[1], it's faux-French for "Serious art collectors will pay us more if we use a made up French term instead of inkjet."
On the other hand, if you go to the next university and visit the art classes, you'll find enough talented people who'll sell you their own pictures for a lot less.
It's a demand thing.