[RivieraKid]

Bitcoin has essentially no intrinsic value. If people only used it as a currency, not as a speculative "investment", the price would be orders of magnitude lower.

Stocks are much "safer" because the intrinsic value is often similar to the market price.

Gold and some stocks (Tesla) are somewhere in between. They have intrinsic value but people also buy it speculatively so the price is way higher than the intrinsic value.

[trident5000]

People use Bitcoin as a form of gold 2.0. Thats why the MC is where it is. Nobody in their right mind is making a cash flow case for btc unless you include lending which actually makes a decent return.

[RivieraKid]

It's true that people use it as gold 2.0 and it's the bull case. But, the value is approximately 100% speculative. If people for some reason decided they will only use it for transactions and not as investment, most of the value would disappear.

[pfisch]

Isn't that basically true for any neutral store of value(Silver, Gold)?