I know causal coiners, who even self custody, who think $1M/BTC is outlandishly bullish. What they and so many others don’t understand are two things:

1. Veblen good effects

2. Total addressable marketcap

For TAM, $1M is a ~$19.7T marketcap, which is only 2.2% of the ~$900T of total global wealth. All they have to do is run the numbers, but they have a cognitive block for some reason. They only think in $ price per coin 🤦‍♂️.

You ask them “what’s the TAM for SoV? Where does the value come from as Bitcoin appreciates in price?” Blank stares. So early.