> Many retail investors don’t really care about whether GME’s price is justified by their corporate earnings - they simply buy at any cost. This financial nihil

> Many retail investors don’t really care about whether GME’s price is justified by their corporate earnings - they simply buy at any cost. This financial nihilism - where intrinsic value is unknowable and all that matters is what other people think - is a worldview often encountered in Gen Z retail traders Bitcoin? I joke, Bitcoin does (sort of) have an intrinsic value: the cost of the electricity to mine a new Bitcoin. If that's higher than the cost to buy an existing Bitcoin, you'd do the latter. So the cost of mining (in electricity-dollars) sets a floor on the price of Bitcoin. (The ceiling is due to the financial nihilism described above. Same with gold and silver.)