3 ms·
The 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.
by esja 6y ago
The 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”.