Good arguments, but irrelevant because Bitcoin is not a consumption good. Mining is public evidence that someone is willing to burn $X in electricity to acquir

Good arguments, but irrelevant because Bitcoin is not a consumption good. Mining is public evidence that someone is willing to burn $X in electricity to acquire a Bitcoin. For an intrinsically worthless monetary asset with no government support, social proof is the only real source of data on possible valuations. See also: Mises’ regression theorem.