Deconstructing the Bitcoin Market Cap
Vinny Lingham

The analogy simply does not hold. If you had 1 bitcoin in 2013, you still have 1 bitcoin in 2016. If you had 1 share in apple years ago, and it split 1:6, you have 6 shares now. You have to be consistent if you’re going to make a point insisting that ATH has to be adjusted per-bitcoin based on a faulty stock split analogy.

It’s a good post to spark discussion but the author is wrong in his conclusion.