Bitcoin is a collectors items
<i>&quot;With trillions of dollars of cash sitting on the sidelines looking for return and trillions more being pumped into the market by governments around the world, nothing is too expensive. Instead, what’s more important is finding that which is unique. That of which we can print no more. That which is finite.&quot;</i><p>The trillions of dollars in QE are mostly hoarded in banks, not pumped into the markets. This is evident as M0 has increased greatly, while M1 hasn&#x27;t. The purchases made in QE are mostly government bonds, the revenue of which is mostly spent on government salaries and entitlements. That&#x27;s why there is very little general inflation, there aren&#x27;t any big sums of <i>new</i> money flowing into consumer goods.<p>The trillions of private dollars chasing returns are still mostly risk-averse. It&#x27;s not venture capital. It&#x27;s not going to small business or home-owners. It may have gone into government bonds before, now it&#x27;s going into the S&amp;P. That&#x27;s asset price inflation.<p>Buying commodities such as gold (or Bitcoin) as a hedge against inflation is irrational, when assets such as stocks are both inflating in terms of price <i>and</i> appreciating in terms of actual value, at the same time.<p>Of course, irrationality has never prevented prices to rise, but when your fundamentals are based mostly around &quot;greater fool theory&quot;, you should perhaps reconsider your allocation.<p><i>&quot;It’s only a matter of time until people figure out that bitcoin is the ultimate collectible.&quot;</i><p>I wouldn&#x27;t deny that there&#x27;s a certain sentimental value to owning one of &quot;only&quot; 21 million Bitcoins, but I wouldn&#x27;t personally put it anywhere near five figures.<p>For comparison, like many others, I enjoyed playing the original Super Mario on the NES as a child. It came on a cartridge of which about 40 million units exist, with a current value of around $10.