I keep seeing this “every fund thinks the price is going to $X, so that means it won’t happen”
No price predictions, but this logic is broken
This logic works given a liquid asset w/ existing public market price $X, & everyone’s playing a game of chicken hoping it goes to $Y
That’s indeed what crypto traders are often doing, but it’s not the situation here
The public market price discovery has simply not happened yet
Imagine a private company with a fundamental value of $1 billion based on reasonable cashflow predictions was selling shares at a $1 valuation
If everyone wanted to buy bc they thought it’s going to $1 billion on launch, you wouldn’t think “that won’t happen bc everyone agreed”
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