A normal corporate stock price and hence market capitalization, is entirely a function of its actual book value (assets minus liabilities) and a factor representing expectations of future profits.
Bitcoins price and hence market capitalization, is entirely based on speculative buying and selling. It has no value if there are no speculative buyers, and that day will come.
What really saddens me is that the noble aspirations of Bitcoin being a decentralized, transparent medium of exchange and store of value, have been so totally crushed in the face of crazy bubble scale speculation.
Bitcoins price and hence market capitalization, is entirely based on speculative buying and selling. It has no value if there are no speculative buyers, and that day will come.
What really saddens me is that the noble aspirations of Bitcoin being a decentralized, transparent medium of exchange and store of value, have been so totally crushed in the face of crazy bubble scale speculation.