Isn't market cap a completely irrelevant metric for bitcoin? Saying there are ~19M bitcoin made and each is worth 100k for a 1.9tr market cap completely ignores lost coins, available supply and erroneously leads people to believe there is "1.9trn" invested in bitcoin.
The price is a function of available supply and current demand. That's all. I find market cap as a metric completely irrelevant.
Am I wrong?
Yes, while market cap has its flaws, it's certainly not useless. It's most commonly used to compare the size of asset classes like Gold, Stocks, Bonds, etc. Realized cap, is a better measure of money invested, but it is not available for other assets.
The illusion of market cap is also why unrealized capital gains tax is a completely insane concept regardless of whether you are for or against taxation. I love the realized gain metric on Btc, it's like a brand new world of data.
