Bitcoin and the veblen effect

Some folks in this sub seems to think we're gonna have sell walls at 100k, 500k, 1m, 5m etc

Personally I think the higher Bitcoin goes the more demand there will be. The higher the price, the less sellers because people will know its legitimized and therefore know what they have.

The veblen effect:

The more expensive a luxury good is, the more people will value it because it's a status symbol and it costs a lot and thats exactly what makes it so luxurious.

We've already proved that the veblen effect works on Bitcoin, but unfortunately it was proved when we went down after the '21 run.

So when we went down, no one wanted to buy it. Oh 15k? Nah no thanks nobody wants that garbage Bitcoin. People saw it as a horrible thing...but this in and of itself proves that the effect will work when it eventually goes back up.

When we go to 0.1m or 0.5m, thats when Bitcoin becomes a very, very attractive thing. It's also tied in psychologically to the market cap of gold, because at 0.5m, we eclipse gold market cap.

And thats when Bitcoin becomes the new gold. And thats when the ETFs run their new campaign, like hey yall this is the new gold and that basically anchors Bitcoin and people will just want Bitcoin even more.

It is a very exciting time to get into Bitcoin. submitted by /u/clicksanything
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