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I'd assume at this point people want it as a hedge against inflation tbh. So people want it so their fiat money won't decrease in value is more accurate.
by mr_woozy 6y ago
I'd assume at this point people want it as a hedge against inflation tbh. So people want it so their fiat money won't decrease in value is more accurate.
- bb88 6y agoI thought it was more of a crypto lottery frankly. A whole bunch of people started buying it and it's become like this gigantic game of chicken, where you don't want to be left holding worthless BTC.
- mr_woozy 6y agoIf we hadn't just had lots of institutional money moving into Bitcoin within the last year (see https://bitcointreasuries.org https://bitcointreasuries.org) I'd be inclined to agree. However I don't think institutions of this size and nature buy millions of dollars worth without some sort of analysis and strategy.
- bb88 6y agoI thought you were going to say: JPMC, Black Rock, Goldman Sachs, etc. The vast bulk of it are crypto currency companies. Instead it's basically $186 million from Square and $5 billion from a questionable Microstategery investment decision. JPMC has trillions under management, seems like they would want to invest, right? Or are they worried that Tether is currently untethered to reality?
- mr_woozy 6y agowho knows what those biggies do, I'm sure they don't publish their moves out in the open like this nor do I think they hold actual coin. They're probably just holding option positions on CBOE and CME. Fuck tether though.