> Where the demand comes from does not enter the conversation
Econ 102: Where the demand comes from matters. Aka "substitute goods".
Gold has no convenient substitutes for the combination of ductility, corrosion resistance and electric conductance it offers, hence demand has a (high) floor.
BTC has an infinite number of convenient substitutes for its fundamental properties -- anyone can make a BTC substitute in half an hour, and there are hundreds you can buy already. So the floor on demand is the psychological buy-in -- which is not any better than the demand floor for tulip bulbs.
Econ 102: Where the demand comes from matters. Aka "substitute goods".
Gold has no convenient substitutes for the combination of ductility, corrosion resistance and electric conductance it offers, hence demand has a (high) floor.
BTC has an infinite number of convenient substitutes for its fundamental properties -- anyone can make a BTC substitute in half an hour, and there are hundreds you can buy already. So the floor on demand is the psychological buy-in -- which is not any better than the demand floor for tulip bulbs.