Genuine question from a newbie who bought in recently at the high point. So many people are predicting it will go to $100K, 1 million, etc.
What is the rationale behind those predictions? I know there’s limited supply, but won’t there be several other alternatives in the coming years? From the posts on here I’m reading several other countries are discussing creating their own coins. Therefore would that not take away from Bitcoin itself? Eg a coin backed by the government would probably get a lot more people to adopt and trust it.
People also say “money printer go brrrrr” and maybe so, but my fiat currency can still be used to purchase anything, anywhere and hasn’t lost 30% of its value from last month.
That’s why I’m having trouble wrapping my head around why people are predicting it will go to such heights?