I’m not sure it is though. My understanding of the base case for “most” bitcoiners is that bitcoin goes up cause Fiat becomes more worthless and in dollar terms this is correct. As the denominator decreases the ratio increases. But I’m beginning to think that human psychology actually has an influence on the price. The longer Bitcoin is around the stronger the case it makes for itself hence greater adoption in general. Variances in external factors and views individually can trigger lower market moves collectively which is more likely in a free market as opposed to the shit show that is the stock market. I guess I’m trying to say that Bitcoin is actually independent of everything except perception of itself. Maybe I haven’t gotten this till now and am playing catch up in public?