They said the same thing at $100.
If BTC was USD$1m per, that would make a satoshi one US cent. To me that makes 1m the hard psychological limit, not 50k or 100k.
Doenst seem like that's the case here at all, Square buys lots of Bitcoin as they offer it via CASH. Also, they didn't buy at the peak if they expect it to go higher in value, which Jack of all the billionaire class knows why and how it will.
> Not to mention an old generation crypto with dubious value on the face of 3rd generation crypto that does not damage the environment and does not have the same scaling issues. It's like considering some old tech as which has dubious value just because it was invented first.
Ok, this is starting to make sense now...
> Like overvaluing a gas car when an electric exists and is the wave of the future. What do these companies know that we plebs don't.
Horrible analogy, but it's an opportunity to explain relative value theory I understand cars better than most here by a large margin, short of being an engineer, as in designed stuff for OEMs, I've done just about everything you can do in the auto industry, including Motorsports. In with manufactures with both ICE and EV programs, btw.
And the fact that you will never understand why pristine a Toyota 2000GT, or Ferrari 250 GT California will be coveted and worth millions of X whether it's driven or not shows what a shallow understanding of the analogy that you're trying to describe actually is.
Value and worth are relative and subjective concepts, and while I KNOW bitcoin's utility is superior to fiat in every conceivable way as I helped build fintech solutions with this tech that fiat could not do, that led to monumental legislation and reversals of laws in the US that we all deal with every day, it underscores that utility is relative to it's users.
Square has lots of fiat, it loses value everyday, and it lost its value on its stock price today; but in a DCA model I bet their BTC holdings is still in the double if not triple digit returns given how early they got in in the high hundreds if I recall correctly. And Jack was playing with this tech pretty early, he never gave any dates buy its safe to say he was in before the 2013's rally that made all the non-tech people take even care.
So, what 'dubious value' are you talking about here? It made their earnings hold value when the OVERTLY manipulated stock price dipped this week.
Perhaps you are right with your gas car analogy... Or perhaps Bitcoin will be more like the relational database from the 70s which, despite being derided by the NoSQL crowd, remains king to this day.
All time high yes, but we don't know that this is a peak