Bitcoin is not a status symbol. It is not meant to be something you'll be flaunting to people's faces everytime you got to a date. It is not something you'll be bragging your friends about in a bar. If anything, bitcoin is a means to earn more money for people who are wanting to get out of their tiresome 9-5 shifts and on to something that offers more potential to earn and be financially literate at the same time.
I would say you are correct, but I think with current hype over BTC not really. Just check the Twitter among others how much people now are bragging showing off how smart they were to buy BTC @$20k or higher.
All assets that are in demand are inflated. Think about it. If everyone sold their stocks at the same time the price would crash. If everyone sold their bitcoin at the same time the price would crash. If everyone sold their gold at the same time the price would crash. If everyone sold their houses in a certain area the price would crash in that area.
This is why things like market cap are not an accurate measure of value. Value demands on the health of the larger economy.
This is why things like market cap are not an accurate measure of value. Value demands on the health of the larger economy.
Well true and not I think. What you said makes totally perfect sense, but with stocks - if everyone sold them and price crash to 0, you still own a company. The company can go bankrupt or go private via de-listing. With gold - you still own a metal that you can use for other means. With house - you can live in it or in the worst case make something from it (bar, club, restaurant, hotel, something). But what happens when BTC price goes to zero? Yes some people will want to buy all, but for what purpose if it stays permanently at $0 afterwards?
And yes, the health of economy does define the market on funamentals, but at the same time, the fundamentals are also defined by the market. That's why market is (said to be) including all available information in the world in its pricing. Yes can be manipulated and inflated, but overall that manipulation from philosophical perspective won't take place if manipulator won't believe that s/he cannot benefit from it in the future which does in turn some future growth potential due to illicit reasons.
Interesting that you mention the first iPhones. Back in those days it truly was a revolutionary product with more utility than a Blackberry (another popular brand at the time) as evidenced by the fact that no smart phone nowadays has a physical keyboard.
Btw the original white design was meant to mimic the style of kitchen appliances, bathroom fixtures, and laundry machines. It was a way of communicating that the high price was justified because it was like buying something permanent that would last for years. Kind of a genius marketing decision that flew in the face of the cheap disposable electronics popular at the time.
Btw the original white design was meant to mimic the style of kitchen appliances, bathroom fixtures, and laundry machines. It was a way of communicating that the high price was justified because it was like buying something permanent that would last for years. Kind of a genius marketing decision that flew in the face of the cheap disposable electronics popular at the time.
Also great point which I missed. From such perspective would you agree that first iPhones same with Bitcoin were created for the good reasons, however ended up being misused by the society for other reasons? Just like nuclear power wasn't invented for the purposes of mass destruction. (as for Tesla, sorry but I will not agree that it was a good product in the beginning
)