Some of us are retards, for sure.
Seriously though, here's a logical argument for you:
What % chance of success do you think bitcoin has? Whatever that chance is, you should hold that % of your net worth in it.
We think this is going to $10m per coin in our lifetimes. That means 1% would become multiples of your entire current net worth.
If you think 0% then that's fine too, but that's an overly confident position imo.
I don’t think it’s ever going to be more than a fringe thing like it is now. I do like having discussion about it tho.
What’s your basis for saying it’ll go that high? It’s interesting because there really is no basis for it’s price at all other than wild out of control speculation.
This was Hal Finney (RIP) 14 years ago, a week after bitcoin started, when it was worth nothing. Still the same general argument.
We think bitcoin is the best store of value because you can create or dig up more of everything else. Because it's got the best technical properties the value of everything else used as a store of value should collapse into bitcoin.
Price can only go up over the long term, even if you don't believe it eats everything else.
That’s never going to happen tho. If for no other reason that bitcoin can’t handle the capacity to act as the global currency, not to mention that governments wouldn’t allow it.
That's not how it works though.
The current fiat system works on layers to scale it so people can buy a gum ball or whatever tiny purchases. We don't pay for coffee with US treasuries. We use Venmo and all those for little things like that.
This is what the whole Zaps thing is, we can zap a million times a second because of the lightning network and custodial wallets.
Bitcoin itself can handle 9 transactions per second, which is plenty for custodians to settle amongst themselves and other high value transactions. Think of the Bitcoin network itself as the treasuries.
This article from 2020 makes generally good arguments for $500k bitcoin in their opinion.
https://winklevosscapital.com/the-case-for-500k-bitcoin/
(As you know I’m not a bitcoiner but I like having discussions about it too.)
