I think (again, not agreeing or disagreeing, and was working while listening, so I’ll have to re-listen, to completely get the argument straight) - but a case CAN be made, for BTC getting into “bubble” terriroty at some point (god, I hate that expression). I don’t think we are, or will be AT ALL, but I see his argument (and may be mixing the argument with a different interview, where BTC was mentioned as a potential bubble in the future, that had not come anywhere close to being it, yet).
But IMO, the technology of blockchain is what really underpins the value of BTC right?
Along with, as @CraigMak says, our united belief in it’s store of value. If we should, for some reason end up going away from BTC as a currency/SOV (which could still be the case as, well as not - it’s only the beginning after all ), then the value of it would be solely based on the technology, and it may find itself overvalued before it’s true value is decided by the market, as it stopped being a store of value, should that ever happen.
With such a BTC black swan event, I could see the how the value could drop and stay down below ATH’s
(Again, I’m a long and true believer in BTC, also as a store of value, but it’s important to challenge your own views and not just preach your own truth to yourself as gospel, and never taking of potential blinders)
It’s an interesting idea to me, that BTC could be the way the masses understand that there can be better alternatives than the current system, but that doesn’t necessarily make BTC the defacto alternative does it?
(I couldn’t imagine BTC as a concept, before it became one, so who knows what will be next )
But BTC being a circular way back to a gold-standard, I’m very sceptical about as well, don’t get me wrong.
Gonna procrastinate at work around lunch, and check that link @peter - have to know more about futures to speak to that as a concept in relation to this