Given the future potential, it still sounds cheap for me. You should not go by the market cap. Because the market cap accounts for all the coins in circulation, including the lost coins. The real market cap of coins that can be spent may be less than >$500 billion. This is less than the market cap of major corporations such as MSFT, GOOGL, AMZN and FB. Even TSLA is having a higher market cap. Do you really think that TSLA deserves a higher market cap when compared to BTC? IMO, the valuation for TSLA should be less than 1/10th of that of BTC.
If you consider how many Bitcoin has been lost over time, you'll realize that it's extremely undervalued. But the average person don't see it this way. Most people think Bitcoin is too expensive, so they try to avoid it as much as possible. For those who have a lot of money, this is the perfect opportunity to buy some coins before it goes towards new heights.
Compared to the market cap of Gold and major stocks, Bitcoin is still far behind. Despite its widespread success, the vast majority of people worldwide haven't adopted it for their own benefit. Imagine how big Bitcoin will grow if everyone around the world started using it more thoroughly. Its market cap will be insane! I wouldn't worry about how much a Bitcoin is worth as long as it works as sound money outside the scope of governments and banks worldwide. Just my opinion
