Last year, Christmas came early for Bitcoin investors.

As the 2017 holiday season loomed into view exactly one year ago, cryptocurrency investors were surfing a wave of optimism, which sent the digital currency cruising to an all-time high. In the first 17 days of December alone, its price more than doubled to $20,000.

Across the board, the valuation of cryptocurrencies was surging, helping tempt new investors that the hype was for real as portfolios swelled.

For people inside the cryptocurrency bubble, soaring valuations offered proof that their investments were paying off. In fact, so many cryptocurrency enthusiasts purchased high-end sports cars that it became a running joke online. “When Lambo?” people asked whenever a new cryptocurrency project was launched.