Many people claim they are confident that bitcoin will reach $100K. Why is that? How can they be so sure? What possibly can make so many people to agree and believe so strongly in this? What is your understanding of this phenomenon?

Wishful thinking!

The reality is that it is not possible to fulfill the obligation to give back paper dollars when even a small group of bitcoin holder want to sell - there are just not enough paper dollars collected by the crypto exchanges.

In order to understand why is that I can provide more detailed explanation -
The danger in the stable coins (thought experiments and the real price of Bitcoin)

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