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by wyager
3225 days ago
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That's not how this works at all. The current price of Bitcoin is the market's best prediction of the present value of holding a bitcoin. When you spend $20 worth of bitcoin, you lose an expected $20 worth of utility from holding bitcoin (and, presumably, gain at least $20 of expected subjective utility from whatever you're buying). The past price of Bitcoin has no bearing on a rational actor's willingness to use it as a medium of exchange. |
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