lots of people bought in for no other reason than the price was going up, what else would you expect to happen when the price starts to tank?
Indeed, this provides opportunity though. The imperfectness of the market is what allows us to outperform it
Unfortunately it is very very hard to value Bitcoin because it is unknown what the exact growth rate of Bitcoin (many years of slow growth discounts the future value quite hard) will be, there is non-zero chance another cryptocurrency will overtake it and because it is an asset it doesn't produce anything (as Buffet says: an ounce of gold will in a hundred years still be an ounce of gold). I do believe it is significantly undervalued today but my this is based on many assumptions that can be flawed.
I don't see how that can be - it can't possibly deliver currently on a $100 per bitcoin investment, unless it keeps going up in edit:price. But why would it go up in edit:price if it can't even deliver on a $100 per bitcoin investment? In other words, the price is way above the utility. edit: it's extremely poor value at this price
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