Quote from: kryptqnick on February 21, 2021, 03:57:26 PM

That's a long and well-written article, strongly supported by sources and providing lots of background.

Thanks for your comments.

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However, I want to address some points. For one, you're saying that Bitcoin's a singularity, the "ark of salvation". There are also other cryptocurrencies, so they might take up some of the wealth moved from other assets.

For now, many cryptocurrencies are part of the same rise in asset values. But that's because of VERY different use cases. So far, only Bitcoin can show itself to be hard money and a true store of value. As such, it is now being adopted by institutions, whereas ETH really isn't. ETH blew up last time in the ICO bubble, and now in the DeFi bubble, but it's not going to pivot to become digital gold 2.0.

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I also don't think that Bitcoin will reach even $200k within the current bull run.

Time will tell.

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Honestly, even the current price seems incredibly high to me.
And with Bitcoin fees spiking higher, more people will probably move to other top cryptos, so Bitcoin won't rise as high as $10 million because it won't be the only one rising.

I don't see fees as an issue at all. It costs a LOT more to move gold from one vault to another than it does to move BTC in one transaction. Think of Bitcoin as a settlement layer for the entire planet, much as gold used to be. Millions of transactiosn can be settled in one BTC transaction so fees are not an issue. The Lightning Network largely solves this as well. But your statement that "it won't be the only one rising" ignores the use case of Bitcoin and its monetary qualities. One money tends to win--it's a winner-takes-all scenario, just as the entire monetary system at the moment is based on one fiat currency, the USD, and in the 19th century, it was based on the gold standard and, before, bimetallism and silver/gold.