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?
The value of Bitcoin depends on stock and demands as you've said we could use anything to see it's value not just with Dollar but with any other Fiat we want or crypto we want.
In Bitcoin we only have limited supply and a growing community that is why they re saying that the price could reach that high.
Just think about it a limited supply and almost everyone is buying or holding it even the rich people around the world.