There is no digital asset that will ever replace Bitcoin. It is one of a kind, and ANY comparisons are misguided. That said, it’s fascinating from a psychological standpoint what’s going on with memecoins. You’ve got nearly 10 memecoins with a billion dollar market cap. How can this be?? “It makes no sense!” says the tradfi guru. Legacy finance worships “fundamentals.” P/Es, book value, cash flow, etc as hallmarks of “intrinsic value.” But intrinsic value was always just a narrative to convince you to buy or sell! There are dozens of publicly traded stocks that trade at nose bleed valuations (far above any alleged intrinsic value) and have done so for a decade. And analysts always keep getting it wrong by telling you “stocks are expensive!” But if valuation is inherently subjective, there is NO REASON stocks should trade at some mythical equilibrium! They trade where belief, narrative demand, and liquidity meet. Bitcoin proved to offer the best performing asset of the decade...
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