The Thermodynamics of Crypto Investing

Once upon a time, when bitcoin (BTC) came to life, there were many risks. One of the first primordial ones was “existential risk.” Back in 2014, it was not clear if bitcoin was going to make it, especially after the Mt. Gox hack. This was the baffling “funny money” era, when an unsuspecting pizza lover spent 10,000 BTC (now worth about $300 million) for a pair of pies. As the market eventually reduced its assessment of existential risk, the value of bitcoin rose, finding a new price equilibrium for new investors who no longer needed to worry about that particular risk.

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