Incorrect. Sunk cost fallacy. It's value is that people choose to value it, because people are intelligent, and they see there is value in valuing something that is an alternative to threat backed currency (taxation) that is used to genocide them and give money to black baby factories, as well as used to allow the banks to steal purchasing power from us.
When people store a percentage of their networth in bitcoin (lets say everyone opted to store 70% of their networth in it), at one particular price there wouldn't be enough bitcoin to do that.. so what happens instead is that the price increases so that is possible. The past has nothing to do with valuation. The present, and people's present assumptions about the future do.
Incorrect. Sunk cost fallacy. It's value is that people choose to value it, because people are intelligent, and they see there is value in valuing something that is an alternative to threat backed currency (taxation) that is used to genocide them and give money to black baby factories, as well as used to allow the banks to steal purchasing power from us.
When people store a percentage of their networth in bitcoin (lets say everyone opted to store 70% of their networth in it), at one particular price there wouldn't be enough bitcoin to do that.. so what happens instead is that the price increases so that is possible. The past has nothing to do with valuation. The present, and people's present assumptions about the future do.
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