Yesterday, BlackRock Strategist Richard Turnill said theres no inherent right or wrong Bitcoin price, no fair value.
This strategist's comment is so theoretical it's almost a joke.
There is a right and wrong Bitcoin price. The test of that is whether anyone in the world would accept a bitcoin for any price above face (right now). Most people would accept bitcoin for a small premium because they'll have faith that the price would soon pass their buy price, but it's only a small amount of premium that would be accepted.
Would you buy my 1 bitcoin for $10,000? No. You'd say "that's the wrong price!"
This strategist just doesn't know how to value a currency that isn't backed by the GDP of a country. That's all it is.
Correct the only fair value is the one people are willing to to pay for a bitcoin if at some point that value reaches 100,000 dollars or 1 dollar that is irrelevant that is what people are going to be willing to pay for it, so the current price is correct but as we know what can be considered a fair value changes everyday and that is fine, people are not used to a currency to move in this way but bitcoin is a new type of currency so it is natural that displays a different behavior as well.