Bitcoin isn’t a security, so it’s hard to say what it even means for something to be “priced in”. Everyone who buys or sells Bitcoin has a unique value thesis a

Bitcoin isn’t a security, so it’s hard to say what it even means for something to be “priced in”. Everyone who buys or sells Bitcoin has a unique value thesis and the current market price is the net result of those competing theses. But at the end of the day, the value truly is whatever people think it is, unlike a security which has fundamentals i.e. cash flows that give it some firm ground to stand on.