[rothbardrand]

It's important to understand that Bitcoin is a new asset class we haven't really seen before-- it's the first technological money.

So, it's "market cap" is not based on shares like a stock is, it's more like other forms of money.

Yet its price is the result of it going thru the technology adoption lifecycle, and it keeps jumping up as inflation slows and ever wider groups of adopters start owning some.

In the past year, it has been made much more easily owned and accessible as an investment in South Korea and Japan, and of course it is highly relevant to the Chinese. These trends will continue for awhile.

It will be "speculative" until it is mainstream. The only thing making it "speculative" is that it isn't more widely adopted, but to be widely adopted there will have to be much higher prices, given the very limited supply.

There's not going to be enough bitcoin for every millionaire in the world to own even one of them.

[sprw121]

My understand was that much of the innovations is happening with the general set of blockchain technologies, most of it happening on chains other than BTC (ETH). Why should bitcoin be correlated with them?

[kobeya]

There is plenty of innovation on the bitcoin platform.

[zipwitch]

I am a fan of at least the idea of bitcoin, blockchain technology, and cryptocurrency, but I'm not sure it would be possible to describe bitcoin in a way that makes it sound more like a scam than you just did.