Bitcoin's price is driven by supply and demand dynamics in a free market from "summary" of The Bitcoin Standard by Saifedean Ammous
Bitcoin's price is determined by the interplay of supply and demand in a free market. This means that the price of Bitcoin is not fixed by any central authority or government. Instead, it is determined by the buying and selling decisions of individual market participants. The supply of Bitcoin is limited by its protocol, which dictates that only 21 million Bitcoins will ever be created. This scarcity is a key factor in driving up demand for Bitcoin, as users seek to acquire a piece of this finite digital asset. As more people become interested in owning Bitcoin, the price is driven up due to the limited supply available for purchase. On the other hand, the demand for Bitcoin is influen...
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