[samb1729]

If everyone is supposed to have made money, where did that money come from?

[koonsolo]

Just because the market cap of Bitcoin is 520.50B, doesn't mean 520.50B has been invested into it.

Basically, as long as the price of Bitcoin is >0, more was won than lost. It's now at 25k, so a lot has been won.

So still in another way: if you bought bitcoin with fiat, your bitcoin now is still worth 25k