the hidden quality of bitcoin to mainstream is that most of the holders are not in the market for any other financial instrument

people might use btc to buy groceries or the occasional house, but it's not something that is rebalanced into other assets after yielding above average

it's FU money that is held through -80% dumps and +1000% rips until victory or valhalla

can't put a "fair value" on that. can't calculate a "reversion to mean"