Bitcoin’s upside comes from the asymmetry in people’s understanding of it

Most people know very little about Bitcoin. They’re uninformed, misinformed and disinformed (by the media and institutions, public and private alike). For example, they’ve heard about SFB and FTX and think Bitcoin is the same thing, and therefore a scam. That’s why the price is so suppressed. We largely underestimate people’s ignorance.

The only reason it hasn’t seen $100k, $1m, $10m yet, is ignorance. The asymmetry between thaeir ignorance and our understanding of it creates a great arbitrage opportunity. As time and events (more government control, the introduction of CBDCs) remove said ignorance, the mispricing will diminish. In the meantime, I’m grateful for the cheap BTC I can buy, and all the ignorance in the world responsible for it.