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It's desirable by people who have it - that's not the world. That's people who have stake in the game.

by speff 3y ago

wonderwonder 3y ago
Totally valid, but more and more people want it every day and are buying it. The new etf's have provided them with an alternate method of doing so and are currently the most successful ETF launch of all time. The daily demand of the ETF's far outstrips the number of new coins generated weekly. Add in the fact that that newly generated supply is getting halved in a few weeks and you have a good outlook for BTC pricing.
- davidgerard 3y ago
  > more and more people want it every day and are buying it This is incorrect. From Coinbase SEC filings, retail trade is 1/8 of what it was in 2021, last time the price was this high. Even as the price has risen over the course of the past year, less and less people have wanted bitcoin every day. We have the numbers on this from the largest actual-dollar crypto exchange. Miners have hoarded coins since 2021 because if they sold them the price would cash. They took out loans against their mark-to-market value instead. (Two such lenders were Silvergate Bank and Signature Bank.) When you see sudden multi-thousand dollar crashes in the bitcoin price, it's often a miner having to dump. The ETFs have taken in $10b net in their entire existence, and a lot of that seems to be churn from other bitcoin-exposed securities. It's not clear you're informed on the market you're expounding on at such length.
  - deleted 3y ago
    [deleted]
olalonde 3y ago
Same as fiat money in this regard.
MR4D 3y ago
The same is true for the US Dollar (the Russians certainly don’t want it). Further, the same has been true for the Argentinian Dollar for decades. Many other currencies that I could name as well.
- KptMarchewa 3y ago
  Oh, russians are those who want it the most.
  - coffeebeqn 3y ago
    You can certainly buy more things in this world with dollars than roubles
  - MR4D 3y ago
    Ok, Russian government to be clear.

It's desirable by people who have it - that's not the world. That's people who have stake in the game.

by speff 3y ago

It's desirable by people who have it - that's not the world. That's people who have stake in the game.

Totally valid, but more and more people want it every day and are buying it. The new etf's have provided them with an alternate method of doing so and are currently the most successful ETF launch of all time. The daily demand of the ETF's far outstrips the number of new coins generated weekly. Add in the fact that that newly generated supply is getting halved in a few weeks and you have a good outlook for BTC pricing.

davidgerard 3y ago
> more and more people want it every day and are buying it This is incorrect. From Coinbase SEC filings, retail trade is 1/8 of what it was in 2021, last time the price was this high. Even as the price has risen over the course of the past year, less and less people have wanted bitcoin every day. We have the numbers on this from the largest actual-dollar crypto exchange. Miners have hoarded coins since 2021 because if they sold them the price would cash. They took out loans against their mark-to-market value instead. (Two such lenders were Silvergate Bank and Signature Bank.) When you see sudden multi-thousand dollar crashes in the bitcoin price, it's often a miner having to dump. The ETFs have taken in $10b net in their entire existence, and a lot of that seems to be churn from other bitcoin-exposed securities. It's not clear you're informed on the market you're expounding on at such length.
- deleted 3y ago
  [deleted]

olalonde 3y ago

Same as fiat money in this regard.

MR4D 3y ago

The same is true for the US Dollar (the Russians certainly don’t want it). Further, the same has been true for the Argentinian Dollar for decades. Many other currencies that I could name as well.

KptMarchewa 3y ago
Oh, russians are those who want it the most.
- coffeebeqn 3y ago
  You can certainly buy more things in this world with dollars than roubles
- MR4D 3y ago
  Ok, Russian government to be clear.