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?
I also hear people like Cathie Woods and analysts at JP Morgan say Bitcoin will reach $500k or $140k respectively. I understand for stocks you can look at financial statements and make valuation models to calculate target prices, but for Bitcoin, is the value based on the scalability of network?
I believe the value of Bitcoin could even be differing from person to person, or from country to country. That is why we saw Bitcoin trading at a mark up in countries like Venezuela or Turkey. In the wealthy and secure countries Bitcoin plays much less of a role from an existential perspective than it does in countries with unstable conditions and authoritative regimes at the top. If you need to hide your assets or your cash from getting seizes by a corrupt police the best thing you can do is actually get cryptocurrencies and hide your private key. There is nothing they can do about that.
If you live in a safe place the world is all different, that is at least my perspective.