I think it's much more likely that bitcoin is undervalued 10x than overvalued that much.

This is what most people say it feels like. Everyone I know is complaining about inflation and their perception definitely does not match CPI numbers. But also an awful lot of these people are millennials and do they even remember real inflation? It's also a lot easier to deal with when you're in your 20s than when you're in your 30s or 40s.

This would mean the real value of the dollar is much lower than what the Fed makes us believe, which I think more likely than BTC being overvalued 10x right now. But unfortunately we can really only learn this in the future. Either way it's likely a combination of things?

optimism

econ

How Housing Bubble #2 Bursts (Charles Hugh Smith)

It might be that what's mostly happening is just that Americans' wages aren't keeping up with inflation and we're perceiving it as bubbles because we can't fathom that much inflation.