linsurance

> Yet it takes an extraordinary move of adding ~$2 trillion in market cap for Bitcoin to get there. The risk vs reward in Bitcoin at these levels is like a lot of absurdly overvalued stocks presently.

Bitcoin is not a stock, it's a deflationary asset. There are not just a limited amount of bitcoin, but a constantly decreasing amount and a constantly increasing amount of people wishing to use them. People sounded very much like you at every step of the way, including in the rise to $1,000. "The risk isn't worth it."

> Significant inflation isn't coming back anytime soon

I mean except in the commodities markets, the housing market, the price of ammo, of course. Unless you believe those are just "bubbles" as well.

> We're not going to see a serious wave of inflation this decade now for the same reason we didn't the prior decade.

We are seeing inflation, it's just occurring in hard asset classes like real estate.

> and nothing is very different today versus the past (except that so far this is a cakewalk compared to the destruction in the past; maybe it'll get a lot worse yet, of course).

https://fred.stlouisfed.org/series/M1

It is worse though.