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One bitcoin costs roughly $17,700, not $0, to mine, and there isn’t an unlimited supply, but instead a hard cap of 21 million tokens. Unlike with shares, no single company can increase the total number of bitcoin. Ethereum has a negative supply schedule, and so its native token, ether, decreases in supply. USDC is backed by dollars, one to one, held in regulated banks. All of these assets, which account for most of the volume in the crypto ecosystem, aren’t created at no cost and without limit, and so Allen’s “root” argument doesn’t apply to 70% of the market.
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