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The current price for some bitcoin is about $36.5k, since the price is set around the margins. That price is liquidity constrained. If someone wants to buy a lot at once, it'll be at a higher price. Unless someone can hack or break the network, the price for any of *my* bitcoin starts in the six figures, and even then only slowly in small fractions, depending on what else is happening and what else I can buy. And a lot of people are like that, probably two-thirds of bitcoin hodlers. Bitcoin is my preferred money. In order to make me part with some of my money, I need to see something I want/need to consume or an investment security that I expect to outperform my money on a risk-adjusted basis. That's not an easy hurdle.

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You state it exceptionally well, but I really need to add that for myself, and a significant percentage of Bitcoin β€˜Hodlers’, the price that will be parted at will be determined by my children. This is what isn’t priced into current markets. Not by far. β€œI don’t buy Bitcoin for my first name, I buy it for my last name.”