Noob here. Even if some places accept Bitcoin, the price is still quoted in dollars? Bitcoin's value per say is in US dollars, a fiat currency subject to inflation. If we remove the value based on the dollar, then is the price of Bitcoin just based on supply and demand?
The Bitcoin price is already based on the economic laws of supply and demand. We just need to measure it somehow and our fiat currency is one way. It is globally adopted and there is a force from the government to its usage. But, you can also measure it to other currencies
and cryptocurrencies. Each one evaluates it differently, that's why there isn't a standard price.
Hm... Actually, there is very... how to say... blind demand on bitcoin. A high percentage of people buy it without a reason. There is demand on USD, everyone wants it but check the pockets of people - not enough supply. It's value is down compared to the past.
Supply/demand plays its role but it's not really like that alone. I think that illusory truth effect playes huge role. Ask any guy and he will answer that bitcoin's price will rise after halving because mining reward declines. Yeah, that's true but if reward is halfly cut, price shouldn't triple. And price rise don't happen immediately too. One day bitcoin's price was 9K, then it went down to 3K in some hours and it happened in a post-halving period in 2020. Any logic there between the connection of supply/demand? Pure manipulation!