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No it is precise. There is no fundamental valuation, it is speculation about what others will do in the future. It goes for all money, the reason is that money can not directly be used for anything.
Except that precisely because of the speculative part of the market valuation, Jorge's point was wrong.
(I'm guilty of sloppy terminology here myself, by the way. I wrote "fundamental", which is usually understood in contrast to "speculative". I mean it here as the contrast to: market participant's choices running counter to their true valuation on some given time horizon)
I'll break the argument down again, and you can tell me
exactly where you think I'm wrong:
Jorge: "Nobody who has heard of Bitcoin and holds USD thinks it is worth more than $250".
Me: "Wrong. Someone might value it at $300, but still refrain from buying the amount he wants to buy now, because he expects to be able to get a better price by spreading out his bids".
(Similarly for someone who buys btc *above* his own valuation, because he plans to sell them off after the "pump" he created himself.)
It's not wrong, but the demand is not from wanting or wishing, it is when someone act by making an offer or accepting an offer. If someone thinks it is worth 300, but does not accept an offer of 250, he does not act and his valuation is meaningless.