Quote from: JaanusRaim on Today at 09:00:33 PM

Quote from: Ultegra134 on Today at 08:27:17 PM

Okay, let's suppose that you're right about Bitcoin being overvalued (which I don't fully agree, but I'll go with the flow), why are you correlating its price by its acceptance levels, and how do you determine them? Do you mean if it can be used for daily conveniences, regular payments etc, or am I understanding something else? Because if so, you're clearly mistaken as it'll never be 100%, let alone 10%, that still sounds too much. How do you also claim that it's likely to fall below $10,000?

I calculate the Bitcoin "right" price level via acceptance because I see it as the most important determinant of Bitcoin (and all other cryptocurrencies) price.

How I determine the acceptance rate? It is much harder to answer. Yes using Bitcoin for regular payments is one part of this but there are many other functions of money as well. USD acceptance rate is near 100% now. If Bitcoin is accepted just as USD, then its price is justified to be near one million USD. Not ten millions, not 100 000. Do you imagine one Bitcoin to cost 10 000 000 usd (in nowadays usd purchasing power) even if Bitcoin is fully accepted ? I think, you do not - because there is hardly so many wealth in the world to able this.

Thats not true. There is no chart, no model, and no expert that says "100% acceptance rate" equals a specific price. Thats a random number you have pulled out of ass.

As for the second part:
"What percentage of global wealth is Bitcoin?
There is $1000 TRILLION of global wealth. Bitcoin is only 0.2% of global wealth, and there will only ever be 21M bitcoins."
source: https://www.tradingview.com/news/newsbtc:8ef41d597094b:0-bitcoin-is-just-0-2-of-global-wealth-and-that-s-why-it-s-not-too-late-analyst/