Just watched a webinar on Bitcoin...
The primary argument for justifying an ever increasing price, was the common one, being that Bitcoin is a substitution for gold. And the gold market is worth $10T, so Bitcoin has the potential to be worth $10T also.
The problem with that is that Bitcoin won't replace gold, it would join gold, as a store of wealth, meaning it wouldn't just take over gold's value. Just look at silver, which is also a substitute for gold - but that doesn't mean that the total silver market simply became as valuable as gold's. It just doesn't work that way. The argument is based on nothing but envy.
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