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I think we are wildly underestimating the long run purchasing power of bitcoins. Everyone is using comps like global M2 money supply or gold
bitcoin inherently enjoys a much higher marginal propensity to hold it as a cash balance, even at post-hyperbitcoinization equilibrium
Fiat money supplies are artificially low because everyone wants to hold as little as possible- they’re a too conservative comp for Bitcoin
Gold has a supply problem, everytime the price goes up, miners can increase their cost and create more. They need a >difficulty adjustment 😅
So gold is a too conservative comp as well. I guess what I’m trying to say is that it’s anybody’s guess how valuable bitcoins get.
My intuition is that even the most bullish predictions ($1 million, or $10 million) are too low by an order of magnitude or three.
