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The best argument for Bitcoin growing in value is it's a social phenomenon that will continue for some indeterminate time. Over half a trillion dollars buys a L
by Robotbeat 6y ago
The best argument for Bitcoin growing in value is it's a social phenomenon that will continue for some indeterminate time. Over half a trillion dollars buys a LOT of people becoming intellectually invested in Bitcoin. Almost like a religion, but it's like money so even better.
- umeshunni 6y agoSo, it's an irrational bubble. Got it.
- esja 6y agoThe market cap is very misleading, as it values the entire pie based on what someone paid for the last slice. Much less than half a trillion has gone into BTC.
- Robotbeat 6y agoAbsolutely. But people THINK they have half a trillion in Bitcoin “assets,” so that impacts their behavior. They will engage in all sorts of motivated reasoning to justify why it makes sense, to protect that and grow its a perceived value. And don’t underestimate the power of that, collectively.
- esja 6y agoI agree. It’s no different with other speculative “assets”.