A lot of my friends roll their eyes when I say Bitcoin is going to $1 million—but that’s because they’re fixated on the ticker price instead of thinking in terms of market cap and scarcity.

Even at $2 trillion, Bitcoin is still valued lower than Apple, Amazon, Nvidia, and Tesla. A scarce global digital asset is a singularity, and its fair valuation should be well over $25 trillion today.

Everyone is undervaluing it—and everyone is wrong.