Great post. It would never occur to me to buy something intangible backed by nothing. But Bitcoin has provided a real service in showing us how many supposedly smart people really aren't.
Is it too much to hope for that we'll see Elon selling apples on a street corner?
Tesla stock is down 40% but I don't think he'll be begging anytime soon. Company does own "2 Billion of bitcoin", per some youtube I saw yesterday, if that was true it's a lot less than 2B now.
There's a whole cadre of crazy youtuber bitcoin maniacs, they are probably doing great on page views right now but it would be the height of irony for them to bank 300-400k/year from youtube, dump it into bitcoin, bitcoin goes to zero and they lose all their money and their youtube channel evaporates too.
This crazy shit also plays a part in inflation. If borrowed money is being used to buy bitcoin, the sellers of the bitcoin now have real money they can pump into the economy (see Q97's buddy and his cars). Same goes for people borrowing against their bitcoin. I don't see the same correlation from things like COVID relief bills, if people couldn't work and got a check from the government, that injected money is replacing organic money. The bitcoin leverage is just invented money.
But if Bitcoin really tanks that could do wonders for inflation, especially if it takes down the stock market. The amount of "money" that vanishes will be quite impressive.
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