[rhino369]

It's hard to objectively value things. But bitcoin is a clear outlier because it's only value is that people think it's going to go up in value. It's more like beanie babies than a Van Gogh.

Wine price is generally determined by the genuine demand for the wine. Art less so, but still people actually want to hang the art somewhere. Some people speculate with art, but it's not a huge percentage of the value.

Gold is the closest, but it's still a mile apart. First, there is genuine demand for gold for decorative purposes. But there is a large demand for gold as a store of value.

There are two key difference between bitcoin and gold. Gold has a very long track history of reliable demand. All of history it has been valuable. It is seen as a safe bet. But the bigger difference is that gold isn't purchased on the expectations of massive growth. Gold isn't supposed to MOOOOOON. It's just supposed to be steady. Sometimes gold is over priced, but demand is steadish.

Bitcoin only has any value (beyond the negligible trading value) because a bunch of baghodlers think bitcoin will be work tens of thousands of dollars eventually. Why do they think that? Because it's gone up a lot in the past? There is no "there there." If people start to wonder if bitcoin will ever go up, it will crash.

[tinco]

Wine prices, gold price and art prices are all driven by genuine demand for them. Why would something have a price if there wasn't genuine demand for them?

What do you base the idea on that only some of the price of art is based on speculation?

I don't think Bitcoin is an outlier at all. And if you don't believe Bitcoin is an outlier, as many people are starting to do now, you can understand why its price is going up so fast.

Gold prices don't do anything because they're "supposed" to do anything. Gold moons whenever the market decides it wants gold to moon, just like Bitcoin, just like wine and just like art.