The vast majority of the market adjusts to the current spot price. they don't just take a snapshot at a particular point and use that as the valuation going forward.
exactly because of volatility *denominated in the unit of account*
Discussion
Oh sure, but if you buy a Toyota Camry today for 0.069 BTC and you drive it for three years, then you know you're not going to get 0.069 BTC for it. So you'll have to sell it for a lower price.
we're not talking about the *same Toyota Camry though. we're just talking about the market price of 2010 Toyota Camrys.
if there's reason for fiat cantillionaires to ape into 2010 Toyota Camrys, then obviously the valuation vis-a-vis other assets increases.
but the point is that there might be structural reasons for that that are unique to the underlying unit of account.