RE: Bitcoin Breaks $4300 USD! But Is It Getting Overheated?
We all must not forget that at the end of the day we're looking at something priced in USD. With people trading, and taking profits, what is the actual end goal? For a couple million people to make off with a couple million USD or an adoption so large that it doesn't even need a USD price and that in the end most people are buying and selling items in real life with very small micro fractions of bitcoins? I don't have skin in the game so maybe it makes me see things differently than someone who sees their digits getting larger against another digit. If the USD value graph is to go down at a parabolic rate, bitcoin would go up on that same growth curve, wouldn't necessarily meant it's going up.
Adoption is huge but let's just make sure we're looking at all sides and not just the money
Bitcoin does not need to be assessed by the USD value. For example, if you look at the hyperinflation in Venezuela compared to the free market Bitcoin value, the hyperinflation is technically more that 17000%.
Once the USD falls, which it will, you will judge prices in Bitcoin based on the denominations of Bitcoin. People once bought products in half cents, cents and nickels. A dollar was a lot to most before inflation truly hit. One can do the same thing with either Bitcoin as a dollar and the smaller denominations which many of us see in our wallets when we buy products or services.
As for whether Bitcoin itself or USD designates the value change, the USD may be devaluing but not enough for Bitcoin to go from $1800 to $4400 in less than a month. In comparison it's minimal. If it devalued that fast it would be one of the most dramatic hyperinflationary events in history. lol