[scientismer]

I think you are right, the "small fish" are buying Bitcoin hoping for speculative gains, but also big fish are buying it to hedge against inflation. I don't think Tesla bought Bitcoin speculating on big price rises, for example.

It also seems true that hedging against inflation (and socialism and so on) would also be expected to rise the price of gold - but a peak in August 2020 seems consistent with the hedging theory. Also, Bitcoin is easier to smuggle across borders than gold. Maybe it really is taking over. Or maybe the big fish already have so much gold that they want to diversify a bit.

AAPL actually produces stuff, but it probably isn't completely risk free, either? People could become too poor to afford their asking prices, and while it may not crash to zero, it could crash enough to hurt (given that it probably is also quite expensive atm).

[dehrmann]

> Tesla

I don't disagree with your point, but I also wouldn't read much into what the 420-pedoguy-not-a-flamethrower-autopilot-manchild does.

[scientismer]

I have to read up on Musk, didn't get any of those references :-) Anyway, just because he does some investment, doesn't mean it is a good one. It just shows that people do use BTC as a hedge.