BTC is not a fetish....the Fetish is Greed. People see a past, hindsight, chart that sky rocketed.....and they WANT thAT. $$$$ Eyes with sunglasses and eyeglasses turned upside down, They want to buy nice watches, shoes, cars, homes, plastic surgeries, high-end dildos and toys,
If Bitcoin is fundamentally a CDS on the Fed, that's pretty bad news for hodlers. Very, very, very unlikely that those CDS will ever "pay out" and Bitcoin accordingly should be priced at extremely low levels.
Bitcoin is undervalued. The circulating supply is low if used as a CDS on the Fed, ~4M BTC's are lost forever out of the 19M circulating It's also not limited to being a CDS for the US, any G7 country default would do Bitcoin as CDS is only one function ------- Bitcoin in 2013 https://theconversation.com/is-the-cyprus-crisis-a-boon-for-bitcoin-13081