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RE: If you bought $100 of Bitcoin 7 years ago
I think this "if you bought bitcoin in the past you have X money" is a huge fallacy, if you bought bitcoin 7 years ago, it would not be 0.03 cents. The only reason that bitcoin was cheap in the past is that we didn't buy it... and the only reason bitcoin went up in value was the action of people buying it....
Sorry this is rubbish argument. People paid money for bitcoin and now it it is worth a lot more. That is not fallacy that is fact.
The value of Bitcoin is measured in the difficulty of the mining, and the fact there's only 21 million Bitcoins issued. Please correct me if I'm wrong on the 21 million cap. Cheers!
It is not a fallacy, it is obvious economic truth. If you bought 100 dollars worth of bitcoin when it was valued at .03 dollars each, you would hold 3333 bitcoins. Today those same 3333 bitcoins are worth over 20 million dollars. Where is the fallacy?
I wont say it is a fallacy but the crypto market does follow the supply and demand model. The supply is capped in bitcoins case and if there is a steady increase in demand the price will go up.