As we heard toward $20,000 this weekend on Bitcoin……….I will preface this by saying I don’t have a dog in this fight. Whether Bitcoin plummets to its intrinsic value of $0.00 and makes people look like idiots, or whether it goes to a trillion dollars per Bitcoin, it doesn’t matter to me. But I want to point out something I find just…….weird.
The press (and, in particular, Bitcoin fanboyz) seem obsessed with the notion that the market cap, so to speak, of Bitcoin is DESTINED to ascend to some higher level. We see diagrams like this:
This is as if to say that Bitcoin “deserves” to be as big as……..well……typically, all the gold in the world. I have no earthly idea where this notion came from. Bitcoin no more deserves to be as worth as much as all the gold in the world as I deserve to have the same net worth as Mark Zuckerberg. It doesn’t make any sense.
And I saw this just yesterday:
We are here? Are you serious? Or are you simply inhaling a substantial amount of the marijuana that’s going to be legal in California in just a couple of weeks.
My hand to God. You people have lost your mind. I think I’ll return to my home planet.
