#Bitcoin is a Veblen good

When the price rises, the MAJORITY of people want to acquire it.

But when the price rises, those who own it have an incentive to hold on to what they have.

They understand that a rising price means Bitcoin is becoming less risky because it has gained wider acceptance!

Why would owners sell their bitcoin for something lower?

Why would they sell their Bitcoin for a higher amount of dollars?

Ultimately, holders will only sell their bitcoins for goods and services.

As the price rises, supply will decrease and demand will increase.

Another point that makes this situation even better is that as the price increases, holders will be able to sell less to cover their expenses.

For example, if the price is $57K, you need to sell 1 BTC to cover your annual living expenses.

If the price reaches $1 million, you will have to sell 0.07 BTC to cover your annual living expenses.

All of this means that as the price increases, accumulating bitcoin will become increasingly difficult - not only because it will cost more, but also because holders will have to sell less bitcoin to cover their expenses.