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I think they are arguing that the market cap is a fantasy number anyway. It went down by a theoretical $70 billion, but that number (and the market cap) is mean

by Veen 4y ago

I think they are arguing that the market cap is a fantasy number anyway. It went down by a theoretical $70 billion, but that number (and the market cap) is meaningless because it's not possible to convert large amounts of BTC to fiat without collapsing the market, assuming the exchanges will let you and that they have the fiat reserves to do so, which is highly doubtful.

culturestate 4y ago
> assuming the exchanges will let you and that they have the fiat reserves to do so, which is highly doubtful If you’re trying to sell off several tens of millions of dollars of BTC, you don’t go to an exchange - you go to an investment bank. Goldman will happily run that for you.
- deleted 4y ago
  [deleted]
- Veen 4y ago
  Then Goldman has more faith in the future value of BTC than seems warranted.