Bitcoin inherently relies on buy-in for its value. It's a shared fiction that becomes real because we share it. In that regard it's similar to countries. I literally cannot switch from Bitcoin to another coin and get the same value unless we collectively do it. It's a inherent property of its usage as a currency. I can switch from ChatGPT to Claude though without anyone else doing so and I get the same value. In fact, if Claude is superior I might actually get more value than if everyone switched because I now have a leg up on everyone else.
> It's a shared fiction that becomes real because we share it.
It's called the network effect, I believe.