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by mrtksn
945 days ago
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We probably don't disagree but I reject the premise of "fair value" for a stock price. It's not different than Bitcoin price at all, there's no fair value but a price that you think it will increase or decrease. The price, thus market cap can be anything, if Musk can convince his believers to HODL you can end up with market cap larger than the Worlds GDP with trade volumes smaller than a single product they sell. |
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The speculative aspect of stock prices is a reflection of the time-value of money / discounted future cash flows. This concept does not exist for bitcoin pricing.