Being so sure that BTC is a bubble is just as naive as being completely sure it's going up to a million dollars per coin. It's just speculation either way, and there is no fundamental law of nature (or even principle of economics) preventing either outcome.

Which is why I'm not playing. And why I don't have any gold.

There are much better ways to make this argument than extrapolating based on current earnings forever.

e.x. “Tesla would have to capture X% of worldwide automobile sales AND capture Y% of worldwide taxi/ridesharing market share AND etc”

For instance, Apple has a market cap of 2.2T a P/E of 40. Tesla has a market cap of 0.8T and a P/E of 1602.

Apple could get into all those markets, so should we value it at, uh, let me run the numbers here... 88 trillion dollars?

My point was only that it’s a currently a small fraction of the overall US equity market, and if it becomes increasingly widely accepted as a reserve currency comparable to the dollar or an inflation protected asset like gold then there’s no reason why it shouldn’t be worth trillions.

That people are willing to pay for it doesn't mean it should be worth anything. Worth is not price. And a high price certainly doesn't mean something is good for the world. If I offered $1,000,000 for each silverback gorilla pelt you procure, (a) is that a proxy for its worth and (b) is that good for the world?

The market tends to conform to my personal biases, my personal investing account just crossed 14X what it was on 3/20. I tend to short irrationality but in this case I have no interest in shooting dice in a rigged casino.