I disagree. There is a section of the article titled "Where is all this cash coming from?" which claims (via a Reddit thread) that it's individuals buying on credit.
The other dangers are municipal general fund and endowment based investments. Local municipalities in countries like Greece and Italy got caught up in the 2008 real estate crash and then all of a sudden, things like street sweeping and garbage pickup stopped. Speculative bubbles cast wide nets.
Some of them have boatloads of assets and will trade a small percentage just to get in the crypto game. No credit required.
My friend I helped buy in isn't disappointed. He doesn't fully get what cryptos are yet (although I explain them every time I talk to him), but he sure likes the returns...so far.
Edit: filly -> fully
That's when you know we're at a dangerous moment in time.