The supply got less, while the demand didn't decrease. The intrinsic value increased because of the network and lindy effect, which is why institutional investors jumped in. Bitcoin entered a speculative bubble the moment the first block was created.
I would say we just don't know the price of bitcoin yet, hence the heavy volatility.
I wouldn't price it at all, because I don't see it as valuable, and I don't gamble, so I'm not going to short it. The supply got less because people bought bitcoin based on media hype. That's pretty classic manipulation.
I'm astonished that you have such a strong opinion, while not even trying to understand how pricing works. Good thing you're not gambling on that!
Media hype typically drives demand, not supply. Supply in bitcoin is a very fundamental concept and controversial topic, which is a function of proof of work, difficulty adjustment and block subsidy.
What exactly in supply and demand is manipulation? You can't just shout manipulation and argue with "media hype", which historically for bitcoin is very mixed[0] and affects any asset class?
The supply got less, while the demand didn't decrease. The intrinsic value increased because of the network and lindy effect, which is why institutional investors jumped in. Bitcoin entered a speculative bubble the moment the first block was created.
I would say we just don't know the price of bitcoin yet, hence the heavy volatility.
What would you price it at? Are you shorting it?