Very timely @siggy47

One of the best tidbits about markets that has stuck with me is this.

In the short term markets are irrational and highly emotional. In the long term though... they are highly rational.

You couple this with understanding that value is subjective and you can begin to understand bitcoin's market price. Or, if that frame triggers you... its purchasing power.

I am but one node in the network of the market. My valuation of bitcoin is very different from my neighbor who has no clue about it. So when people say that bitcoin is just a speculative asset they aren't 100% wrong. But all assets are to some extent. Especially ones that few understand or that are new.

Those that really understand any asset in ways that most do not can reap a huge reward for their efforts. The market price of bitcoin in dollars is just that. The price the market will pay on that day. Its not its true value, only its market value. In the short term market prices can be stupid. Don't fall for the trap of short term thinking and following the crowd.

Did bitcoin's value prop change because of Covid? Nah, people just freaked out. Bitcoin is immune to this but the price isn't. This is why for now at least market price can be a massive distraction.