Mika
VIP Contributor
The value of $100 is $100 because we believe it is $100. Our belief comes from the guarantee provided by the central bank in the country, we trust the central bank regarding $100 because it is backed by the government. We might not like the government but we don’t have a choice, therefore, we believe that it is a $100 bill.
iPhone13 Pro Max cost $1,499. Do you think the manufacturer has spent that kind of amount to build that device? However, we are ready to spend that amount because we believe that the true value of the iPhone 13 pro max is as high as $1500.
Thirteen years ago, Bitcoin did not exist, but today even when the market is down, it is assigned a $20k value. There is no central authority, no bank, and no government to guarantee the value of bitcoin, yet we believe 1 bitcoin is worth $20K.
The value of the product depends on what the consumer actually believes. That’s why big businesses do market research to find out consumer behavior before launching a product.
iPhone13 Pro Max cost $1,499. Do you think the manufacturer has spent that kind of amount to build that device? However, we are ready to spend that amount because we believe that the true value of the iPhone 13 pro max is as high as $1500.
Thirteen years ago, Bitcoin did not exist, but today even when the market is down, it is assigned a $20k value. There is no central authority, no bank, and no government to guarantee the value of bitcoin, yet we believe 1 bitcoin is worth $20K.
The value of the product depends on what the consumer actually believes. That’s why big businesses do market research to find out consumer behavior before launching a product.
