The Upside

digital gold is still 50x smaller than gold

I do not know what the upside for an investment in Bitcoin is. Anyone who tells you that they do is lying. The best we can do is make an educated guess. Here is mine. If the fundamental use case for Bitcoin in the near-term is to serve as a store of value like โ€œdigital goldโ€, then regular gold would seem to be the most practical thing to compare it to. The global supply of gold is worth nearly $10 Trillion. The global supply of Bitcoin is worth about $200 Billion. $10 Trillion is 50x bigger than $200 Billion. In other words, Gold is 50x bigger than Bitcoin. If the value of all Bitcoin grew to represent the same value as all Gold today, it would grow 50x. That is 50x upside vs. 1x downside. That is what we call asymmetric upside.