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I just don't understand all of the "BTC will never fall below <some level not far from the current price>" thinking.

You say you can't understand, but the chart you yourself posted (to illustrate price volatilility) also shows a 12,000% increase in price in less than 8 years, up to today.

Past performance is no guarantee of future results, but maybe that, the improbable 12000%, is the thinking that you're trying to understand?

That's my point - given the extreme volatility (and the fact that it was trading below $1K less than 6 years ago) why would anyone think there's some floor below which the price of BTC will never fall? Please don't bring up mining costs, which are completely irrelevant here.

You're making a stronger counter argument than you think. BTC only gets a 12,000% increase because you recruit a bigger fool to pay $16,059 than the fool who paid $16,058. The only value that you've offered here is that you can eventually find a fool big enough to pay $1,925,760.

And how big is the fool who sold at $100?

Less foolish than the person bought at $69,044.77.

Only if that person who bought at $69,044.77 was a fool to sell.

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