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Strategies & Market Trends : Blockchain and Cryptocurrencies -- Ignore unavailable to you. Want to Upgrade?

To: w0z who wrote (2453)	2/7/2021 3:43:54 PM
From: Elroy	Respond to of 7648

BTC is now 711 Billion But it's not liquid at $711 Billion. If 5% of Bitcoin holders tried to sell in the same week, the price would collapse. I doubt $711 billion has been spent buying Bitcoin to get the price where it is. I don't know how much fiat has been spent buying bitcoin, it would be interesting to know, but without one central exchange I guess there is no way to know. My question was ........ does it now take a lot more buying $$ to push it higher compared to when Bitcoin was $1,000? Probably, but I'm not even sure due to the sorta unique nature of Bitcoin. The HODL mantra makes upside swings (I think) easier to achieve than other assets, which may not have widespread natural holders. If gold double in a month, loads of people sell because, well, the price is too high. If Bitcoin doubles in a month loads of Bitcoin hodlers just hodl and say "there it goes again......"