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?
Value of everything is always based on supply and demand including bitcoin. Bitcoins value is pair with dollar for better calculation and understanding. Bitcoin has limited supply that's makes it's value getting higher and higher as the demand keep on increasing.