We know from media reports that Square, PayPal, and Greyscale are currently purchasing more Bitcoin than is mined per day. That means their positions are expanding, and that expansion buffers the bid on Bitcoin. They report it fairly often, so it's a reasonable metric to monitor. As long as they are expanding their positions, that means that every day they have to purchase new coin at the bid. The only way they can do that without continuously increasing that bid is to periodically dump, along with other bullish wales, to create enough downward momentum in the market so that the smart money can expand its holdings with a minimal increase in price.
But at some price-point, those weak hands dry up, and then the price has to move. But when it moves this bull cycle, in contrast to 2017 when it was still rather complicated to purchase Bitcoin since you had to, at a minimum for most people, create a new account at Coinbase or another exchange. The 2021 public FOMO phase is going to be amplified by the fact that everyone with a PayPal account can now purchase Bitcoin directly from their checking or credit card accounts. That capability plus the corporate and eventually nation state FOMO that will follow, is the rocket fuel that I expect will shoot this next green candle up past 100k per Bitcoin. Perhaps far past. The current supply/demand imbalance is not going to last for long. Once people figure out where things have to go if corporate involvement is to expand, then the price at which they will sell their Bitcoin is going to become increasingly ridiculously high. We are close to the knee of the Bitcoin valuation curve. The feedback forces now in place are astronomical.
SELL the news user. Jesus christ you think because were close to ATH it HAS to break it? Give me a break, how many triple tops and broken head and shoulders do you need to see?
Blake Moore
cope. Hopefully you buy before we hit 100k or else you'll be a seething bear forever
Ryan Mitchell
>SELL the news user also when the news came out Bitcoin was at 11k, bobo.
Jason Wilson
>We know from media reports that Square, PayPal, and Greyscale are currently purchasing more Bitcoin than is mined per day. sounds like it's time to sell
Samuel Russell
Pull up a chart and show me them, oh wait you can't
Xavier Edwards
I don’t care anyone buying a digital chucke cheese token for twenty thousand US dollars has brain damage
Eli Diaz
they where saying that back when they where worth less than 1k thinking of buying a couple dollars worth of a bunch of coins less than $1 now
Mason Gomez
>weak hand / no-coiners. Their numbers are dwindling anons.
Henry Evans
You’re delusional if you think bitcoin will be allowed to rise much from here. Another 2x? Sure. At 100k it will be instant banned. 95% of people own none of this and the 5% that do own bitcoin are 90% white males it will be banned
Jordan Robinson
>doesn't understand how greed and fomo work at an multinational corporate scale.
Oliver Ortiz
>doesn’t understand that the largest country with budget and trade deficits isn’t going to let an unregulated competing currency destroy the dollar
Destroy the dollar?? Its just digital gold they don't care since they are buying it through 3rd parties
Hunter Turner
>the largest country with budget and trade deficits isn’t going to let an unregulated competing currency destroy the dollar It will still have the dollar, but it will be a digital dollar, backed by Bitcoin. Once the flood starts, as it has now with deep-pocketed corporations consuming in excess of the daily supply, it's not going to stop. Other corporations will act in a predictable manner, and their funding influences government policy. Value will flip through the filter of Bitcoin and future government activities will be forever traceable on the Bitcoin blockchain.
Cooper Gomez
Bitcoin at 100k implies that bitcoin eroded demand for dollars especially bonds due to low yields. It’s not going to go as smoothly as you think
Elijah Flores
>still thinks that the US is the biggest economy in the world. >ngmi
Landon Cooper
The dollar will be backed by bitcoin? Do you understand how delusional you sound. Iran and China use bitcoin you think the US government will embrace Iran’s currency? Weird
William Davis
Bitcoin will not exceed 25k a coin. As other anons have said before, the US isn't going allow BTC to rise to 100k.
Christian Hill
The point is that the US dollar is the global reserve currency its status as the top asset is what allows huge budget and trade deficits without inflation. Pretty simple. The dollar is crashing now soon the government will ban dollar alternatives
Daniel Garcia
>doesn’t understand the art of the deal
John Morris
>doesn’t understand fungibility or government blacklists
Daniel Reed
>It’s not going to go as smoothly as you think Look at what happened to Microstrategy after they added Bitcoin to their treasury. Six months later, the stock had tripled in price and the value of the Bitcoin had doubled.
Do you think other CFO's and hedgies aren't watching that happen? They will each seek competitive advantage against the other and adoption will expand exponentially.
After everything settles down, national and corporate treasuries will still exist, but they will be backed by only about 17 million Bitcoin, maybe less.
Camden Kelly
This right here. If you really think the US government is just going to let some other currency over take its own you, then you're a fucking moron.
Example: Sure let's let the US dollar go to waste and become nothing while some fat guy named Sir-Gay creates their own form of currency that overtakes the world strongest countries economy.
Cooper Ross
If companies begin to replace dollars with bitcoin on their balance sheets it will get banned. Do you think the Jews or boomers will passively allow a dollar collapse? Use your head. Bitcoin may win in the end but its lack of fungibility is a killer. Monero has a better shot because at least its private
Nathan Cox
Yes I agree and even IF bitcoin wins it will win alongside the generational handoff from boomers to millennials which is 10 years away. Between now and then will be many attempts for the US govt to tame bitcoin. I personally believe they will succeed since bitcoin failed to implement any privacy tech
>there' a TOMOchain on the bitcoin blockchain except it's not on the bitcoin blockchain it's the Vietnamese government!
Blake Cruz
>If companies begin to replace dollars with bitcoin on their balance sheets it will get banned First, it already is happening. See Microstrategy, PayPal, et. al.
Second, Why ban it? It does exactly what they want. It flips all of the pieces over and creates the "great reset." Their money will flow in to Bitcoin in quantities that will swamp the little guy because they will react more quickly. That's why they're the "smart money."
Isaac Cooper
I think you're missing the big picture. The lack of privacy, especially for large balances, works in favor of the little guy. Governments and corporations will wind up holding the vast amount of an unimaginably more valuable Bitcoin. But their financial behavior will now be public. It's a financial Magna Carta moment in history.
Jordan Phillips
only on the btc layer. 2nd layer will still be occluded
James Thomas
Bitcoin will act like a black hole sucking in value from the legacy economic system. The event horizon was crossed when corporations started competing for amounts in excess of the daily increase in supply. From that point forward, the future is set by the predictability of elite behavior. They will quickly learn that it's easier to profit from Bitcoin than to try to ban it.
Jason Edwards
>only on the btc layer. 2nd layer will still be occluded True. But legislative contracts could be limited to visible layers if constituents demand it.
Alexander Miller
it can’t ban dollar alternatives when the dollar is this bad, because people will ignore the ban and the government has no way of enforcing a ban of that scale. the only thing that will happen is people will realize "hey wow i just broke the law and nothing happened to me. feels good." when they pass a law that’s not only obviously corrupt but also easy and necessary to break, they lose their AUTHORITY.
of course, they know this, which is why they will instead try to jump on the bandwagon and act like they have decided to allow it (when in reality they cant stop it). look up Marbury vs Madison for a perfect example of this.
Austin Morris
It's inevitable now. The die was cast when corporate actors rather than individual actors maxed the daily add. Those who try to censor it will find themselves falling behind financially vs. those who invest in it.
Jacob Rivera
>They will quickly learn that it's easier to profit from Bitcoin than to try to ban it. This. The government makes the rules. All the government needs to do is allow private companies to manipulate the bitcoin market (all other shitcoins follow bitcoin so whoever controls bitcoin controls the crypto market).
In the regulated economy it is illegal to pump and dump stocks but in the unregulated economy this is perfectly legal. Bitcoin is a great way for companies to work together and make money from the dumb money.
Dylan Thompson
The global corporate economy is like these wires that failed at Arecibo. Once a few of them snap, it's not long before the rest decide that giving in to gravity is the only option. Bitcoin is financial gravity. youtu.be/59WQIRvezzI?t=307
> demand is only growing >”sounds like it's time to sell” yes if you hate money, sure.
Christian Butler
>it can’t ban dollar alternatives when the dollar is this bad, because people will ignore the ban and the government has no way of enforcing a ban of that scale. the only thing that will happen is people will realize "hey wow i just broke the law and nothing happened to me. feels good." when they pass a law that’s not only obviously corrupt but also easy and necessary to break, they lose their AUTHORITY. Bitcoin is an electronic payment system. That means to do anything you must access it through other services (web browsers, apps). Those gateways can be monitored and controlled (esp true if you are using a phone...which most people do nowdays).
I think a more important idea here is if those IN government actually want to ban it. If politicans are part of the bitcoin bubble then they won't want to ban it even if it is in the best interests of the government.
Benjamin Gomez
it would be comically easy to ban bitcoin. They are already intent on banning privately held wallets
