Note that this only establishes an no-arbitrage ceiling on BTC valuation, not a target or a floor. Hand-knitting a sweater takes about 30 hours. So if you can

Note that this only establishes an no-arbitrage ceiling on BTC valuation, not a target or a floor. Hand-knitting a sweater takes about 30 hours. So if you can readily hire people to knit at $20/hour and sell the sweater for over $600, an arbitrage opportunity exists and we should expect prices to fall as new knitter-hirers appear to reap the free money. But this does not imply that the price of hand-knit sweaters must always be at, or even near, $600. In fact, with a readily-available cheaper substitute that most people find acceptable, the price can be arbitrarily low. If the demand for hand-knit sweaters at $600 doesn't exist, then the market can simply evaporate.