Dullard. First, we're still 100x away from full capitalization. Second, you view equity gains as real and BTC's gains as abnormal and therefore empty speculation. When in reality almost equity gains are mere monetary expansion, BTC, as an investment, does what growth stocks do better. Third, you view -1x monetary expansion as poor returns, while bonds have returned far BELOW monetary expansion, and gold has a very long cycle length (20-30 years), -1x monetary expansion with a 4 year cycle is fantastic.