I'll consider that this isn't a game of musical chairs as soon as a non-trivial amount of BTC is used for anything other than speculation.
We've been in a massive credit bubble for well over a decade, we saw it wiggle a bit in 2008, but we're still deep in it. Just because these insane illusions are able to maintain themselves for absurdly long periods of time doesn't make them real.
What we've seen is capital desperately seeking to find a new source of value to exploit, perpetually failing to do so and getting ever more delirious in its search.
We've also seen a massive liquidity pump (aka money printer), so it isn't just credit.
Unlike stocks that have to justify valuations with financial metrics, BTC has no such obligations and remains a peg against the massive liquidity influx.
With the news around PH not accepting credit cards anymore I'm curious to see how much revenue they generate through bitcoin in the next quarter. I imagine their revenue will drop substantially.
We've been in a massive credit bubble for well over a decade, we saw it wiggle a bit in 2008, but we're still deep in it. Just because these insane illusions are able to maintain themselves for absurdly long periods of time doesn't make them real.
What we've seen is capital desperately seeking to find a new source of value to exploit, perpetually failing to do so and getting ever more delirious in its search.