My adult nephew is super into all things fake coin.
Like all crypto bros he is incapable of describing what drives the daily ups and downs nor long term ups n downs of fake coin prices vs anything else.
The price of stock is closely linked long term to company revenue with news impacting short term changes.
The price of gold is impacted by how much gets dug up, the cost of digging it up, how much use for both industrial and jewelry purpose are needed. Supply and demand. The gold sitting in government vaults is not available to the open market and therefore irrelevant.
The price of real estate is based on location and the number of people who need or want to be in that location and the cost of a loan based on current interest rates, as well as local land use regulations.
The price of the dollar or other currency is based on the stability of the country that issued the currency and the likelihood the currency unit will remain at roughly current value so it can continue to be used in a predictable way as opposed to going to zero like some whack third world country currencies. More stable countries can offer bonds at lower rates than less stable countries. Same is true for municipal and state level bonds in the US.
Everything that has a market has a real world driver that can be used to explain long term price changes as most short term changes. Except fake coins like bitcoin, eth, etc.
There is no real world event or driver that impacts the price of bitcoin. It is driven by unregulated corruption in the market by big players and the FOMO of small players. I've tried several times to discuss and explain this difference to my nephew but like all crypto bros his brain shuts off and he starts spouting crypto bro nonsense when I go there.
Specifically what I ask him is this,
"The price of oranges is almost entirely based on how well the orange crop did in the previous growing season. What is the real world equivalent driver for the price of bitcoin?" He babbles.
Other than being a crypto bros he's quite intelligent, has an engineering degree, makes 6 figures as a well liked and promotes engineering manager at a real company, owns a rental property, has a great girlfriend. Got it all going on. Except he's also a mindless crypto bros who believes in crypto coin magic. It's super weird trying to talk to him about it.
Obviously the answer is there is no real world driver to bitcoin prices. I closely follow the market news daily for the stock market as well as crypto. When I look at news for the DOW or NASDAQ price changes are always based on some news item. When I look at bitcoin news they describe the ups and downs but never give an explanation. They don't even pretend there is a real world driver for cost changes.
All these companies that put money in have their crypto fund labeled as "high risk". They each put in a relatively small amount of money they can afford to lose, just riding the wave. They know there's no there there. If it was real they'd put in money on the same scale they put into stocks and commodities. When the day comes they pull the rest of their money out, the price is crash all the way back to near nothing while the crazy crypto bros scream about buying opportunities and HODL! gOInG to a miLLiOn!!! Poor dumb bastards. Crypto bros do not understand the most trivial basic concepts of the market and real world value.