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But bitcoin has been "pumped and dumped" so many times now that most of the people who were early investors have already cashed out long ago. What you are left
by t0mbstone 6y ago
But bitcoin has been "pumped and dumped" so many times now that most of the people who were early investors have already cashed out long ago.
What you are left with now is all the people who bought the bitcoin after it had already been pumped and dumped, and they aren't willing to sell it for less than they bought it for.
This means that the perceived value of the asset is now based on the notions held by millions of people who are holding and don't want to sell.
- notwedtm 6y agoHow does this track with the fact that it's at the ATH right now, and has been steadily going up for some time?
- ratsmack 6y agoIrrational exuberance is an amazing phenomenon... I've seen this before.
- alwillis 6y agoYou haven’t seen a new form of money (not currency) go from $0 to $1 trillion before. You haven’t seen something in the process of overtaking the market cap of gold—approximately $10 trillion. The first trillion takes the longest; the next trillion will probably happen in far less time.