Well unless bitcoin gets there, you have to express its value based on dollars. If the demand were to go down, there would be no reason for the price to be this high. So bitcoin is definitely not independent of fiat.
However, I agree with the rest of your argument, that even if this is a bubble (I don't think it is, but I guess no one can know for sure) there is still some time until it bursts.
Topic: Are People (bubble mongers) Underestimating BTC? (Read 192 times)
Correct my logic if I am wrong.
The total amount of money that people have in BTC is relatively small, the number of people now learning about and investing in BTC is growing exponentially. This growth accounts for the consistent rise in price. The short term volatility is caused mostly by short term investors. Even if the bubble theories are correct, there is still a LONG road of potential growth ahead. These arbitrary landmark dollar values like $10000 and 1 BTC are really irrelevant because realistically if BTC is successful over the years and becomes more widely used we’d be talking about fractions, decimal points, and Satoshis.
There is no reason for BTC to “crash”.
The total amount of money that people have in BTC is relatively small, the number of people now learning about and investing in BTC is growing exponentially. This growth accounts for the consistent rise in price. The short term volatility is caused mostly by short term investors. Even if the bubble theories are correct, there is still a LONG road of potential growth ahead. These arbitrary landmark dollar values like $10000 and 1 BTC are really irrelevant because realistically if BTC is successful over the years and becomes more widely used we’d be talking about fractions, decimal points, and Satoshis.
There is no reason for BTC to “crash”.
Jump to: