Applying this argument to the US dollar when it was gaining value relative to many other currencies before the current inflationary spat is illustrative. Probab

Applying this argument to the US dollar when it was gaining value relative to many other currencies before the current inflationary spat is illustrative. Probably all of us held USD during that time, but that act in itself wasn't productive. The increase in value came from the underlying institution of the US Treasury being perceived as more trustworthy than other similar international institutions. The distinction to make is between the minor deflation of USD and the absolutely massive deflation of BTC over the same time period. I think everyone would agree there is some value to a decentralized proof of work transaction ledger, but $50k USD is clearly the result of some mania (rational or otherwise). That "some value" should therefore be reflected in a positive price, even if that number is orders of magnitude less than the current astronomical price.