Great explanation + summary of the various arguments for and against valuations and bubbles in this space.
One thing worth calling out more IMO: the often-used comparison to the “dotcom bubble” of 2009/10. Bear in mind that this was mostly a US-market only bubble; US tech companies hyped to the US VC market.
Bitcoin is global, not just US based. And it’s being hyped and adopted worldwide, not just here in the US.
So that comparison showing how small Bitcoin’s current valuation is vs. the dotcom bubble isn’t “apples to apples”, and is even MORE evidence of how small Bitcoin actually is, and how much room to grow there is.
Amazing times.Glad to be along for the ride.