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Because more people have confidence in Bitcoin than the other digital golds because it has been in the news the most over the years. Also, the price won't be a
by hollerith 2y ago
Because more people have confidence in Bitcoin than the other digital golds because it has been in the news the most over the years.
Also, the price won't be as volatile as the other coins (even though it is much more volatile than dollars) because if someone decides to sell $50 million worth of Bitcoin, the price barely budges because $50 million is such a small fraction of the $2.2 trillion worth of Bitcoin in existence.
- somewhereoutth 2y agoThe price will move (down) until the sell is fulfilled - if there are not $50MM worth of buyers at that price point then the price will drop until buyers are found. The 'market cap' of Bitcoin is irrelevant here, only the price sensitivity of buyers. Given there is no underlying income stream from bitcoin, there is no real floor. If nobody wants to buy it, a 50MM sell will go to zero pretty quick.