I like reading Tim's essays. But, let me add a thought.

The point of BTC is a medium of exchange that relies for its value solely on the willingness to use it by an ever-increasing group of people who prefer its purely market-driven mechanics to the distortions that can be imposed on fiat money. Every time that a government prints money beyond the value created by its economy, that currency is devalued -- if not immediately, then ultimately. Right now, the hidden driver of BTC prices is the inescapable need of governments around the world, especially the US, to print money to address the economic devastation being wrought by Covid. More and more people are trusting a machine rather than government to store value.