[cookingrobot]

The price of Bitcoin is not supported by the amount of fresh money coming in. It’s based on the lowest price a current Bitcoin holder is willing to sell for.

If all Bitcoin holders decide tomorrow that it’s worth $200k per coin, then that’s the price, even if there are very few buyers at that price.

It’s like the price of a stock: it’s not dependent on trading volume.

[yobbo]

To be accurate, the equilibrium price is the highest price a buyer is willing to pay, and that someone is willing to sell for.

If the highest price is zero, there is no market, and mining would cease.