Of course. It’s perfectly possible for a company to have zero or negative book value. Your Apple numbers are quite a bit off, though—look here for example.
The issue, however, is not what the price is determined by—for all tradeable goods in a more or less free market the price is determined by supply and demand and, yes, it is true for both bitcoin and AAPL shares, but it’s also true for tulip bulbs and old baseball cards. The issue is that you said that that bitcoin prices are “anchored” in the same way the equity share prices are anchored and I don’t think this is so.
Of course. It’s perfectly possible for a company to have zero or negative book value. Your Apple numbers are quite a bit off, though—look here for example.
The issue, however, is not what the price is determined by—for all tradeable goods in a more or less free market the price is determined by supply and demand and, yes, it is true for both bitcoin and AAPL shares, but it’s also true for tulip bulbs and old baseball cards. The issue is that you said that that bitcoin prices are “anchored” in the same way the equity share prices are anchored and I don’t think this is so.