For anybody feeling fearful about the price and current valuation of BTC, it's pretty good perspective to consider that BTC is a very small retracement from falling below the market cap of Palladium.
For those who are unfamiliar, Palladium is a rare element used as an alternative store of value to gold and silver. As an industrial tool it's useful for a number of green technologies, but derives the very great majority of its price from speculative investment and value storage. Most of it's utilitarian price comes from scarcity, largely because of the amount removed from the market for investment.
Consider for a second when looking at the next 5, 10, 25 years - which of the people around you are likely to invest in Palladium, vs invest in Bitcoin? When we consider rare earth metals with far more industrial demand (e.g. Lithium or various rare earth magnets as an example) their value is drastically lower relative to their supply, simply because they aren't speculated with, or used as a tool for value storage.
For me this is a strong signal that BTC is way below its fair value right now, I can't really envision a world where Palladium outstrips Bitcoin for very long, can you?
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