Re:Big Ideas 2021 [pdf]
by esja on Wednesday January 27, 2021 @03:26AM
(#25925663)
The market cap is very misleading, as it values the entire pie based on what someone paid for the last slice. Much less than half a trillion has gone into BTC.
[ Parent
| on HN ]
Absolutely. But people THINK they have half a trillion in Bitcoin “assets,” so that impacts their behavior. They will engage in all sorts of motivated reasoning to justify why it makes sense, to protect that and grow its a perceived value. And don’t underestimate the power of that, collectively.