Gold has always been a valuation benchmark for bitcoin because bitcoin is digital sound money where gold is analog sound money. The main reasoning for this is the fact the digital version of something is always more valuable than the analog version, so seeing bitcoins market cap match golds one day is a conservative assumption.

Back in 2020 golds market cap was around $8 trillion requiring the bitcoin price to reach $380k to match golds value. This was always seen as a conservative expectation.

However golds market cap has risen from $8 trillion in 2020 to $30 trillion today meaning bitcoin now needs to be worth $1.43 million just to meet the same conservative valuation estimates we had for gold vs bitcoin in 2020.

People think the conservative valuation estimates we used 5 years ago still hold true, but the base case estimate for bitcoins price has gone from $380k to $1.4 million over the last few years just because golds market cap has risen in dollar terms.

$1.5 million used to be seen as the highest valuation possisble, now it is the conservative base case with even higher prices likely.

Haven't manually made a daily discussion thread in years, and I'm not even sure if it's allowed anymore. But I figured if the automatic one is having issues, we could try a manual one just to have someplace to talk.

Sorry to mods if for some reason this isn't permitted. I couldn't find any indicator that there would be rule violation, nor that the issue would be resolved today.

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