I've tried to write a few answers, in the end I think it's that I just don't get how that applies to BTC. It's not one centralised entity like a company on the ASX for starters, it's a "good", but it's both a product and a process. Truth is I probably really don't know how to answer your question.
And it might be a stupid one (my question). I'll study it more on my EOY break to determine this. A quick convo was wishful thinking.
I think the reason comes down to possible dilution. We saw from gamestop in 2021 that the company could issue more shares and hence dilute. Not an option for BTC. As for the small cap company having a billion shares outstanding, it'd come down to dilution and liquidity imo
No, wasn't getting at dilution. It's the effect on trading post-dilution and doesn't need dilution it's simply a massive quantity of tradable units regardless how they got there. You could have a bot drip-feeding 10 share parcels constantly with a million shares behind it, and without a buyer this would take the share price down until a buyer is found, but this makes buyers shy because they rely on the next buyer to keep the price up and buyers don't like to see their wealth diminished instantly after purchasing, the bot might continually screw down until there is strong demand or positive news. This is obviously quite illegal in a lot of circumstances but poorly policed and probably not even considered on crypto exchanges.
On your xmas break have a listen to this, we mightn't even have to worry about your question. The sub-title about BTC utility is a tiny bit misleading, it's mainly about the sustainability of BTC ie evolve or perish.
For the few that remember and the fewer that care - the bet was settled with dozerz the winner. It was a nail biter at the start of the year, but I knew I was done for when it chased and hung around the 30k resistance. I reckon both sides thought it would be lower or higher than it is! Cheers @dozerz for an interesting/exciting bet !
