I was wondering about the rest, but was too lazy to look it up, so thanks for the info. What does it mean? It means that there is so much MORE money in cryptos than we we thought. If BTC was the only crypto it would be easily at 100K or even 200K, but since there are multiple choices, that takes away capital from it. Nevertheless, plenty of money pouring into cryptos. I used to do a simple math, assuming miners sell X% of their freshly mined coins right away. X is not known, so we have to guess. Nevertheless, the new coins coming into the market multiplied by the current value is the amount that has to come in EVERY DAY just to keep the price up. Otherwise more coins coming in, constant selling, price dropping. But to get a correct picture of the incoming money, we have to use not just BTC for this calculation, but probably the biggest 10-15 other cryptos. That means a truly large number, probably 100 million bucks or way more. That is just to keep the price floating. And more is the current value, the more money has to come in to keep the price up (assuming miners sell the same X% as price goes up). Now if this assumption is true, there has to be a limit where investment money simply can't keep up with the growing valuation, and since still more new coins coming in, price has to start to drop. Or at least some of the other cryptos' price, as investors switching between cryptos. If miners lower their sold % as value grows, this is not a problem. I really don't know miner's psychology, if they are horders or instant sellers. But if they are horders, they are also more likely to cash out quickly at any sign of weakness, after all they do have bills to pay. Anyway, an interesting experience, for sure.
A. How much did you spend to get your bitcoin to 10 million? B. If you cannot cash out of it, why did you get into it in the first place?
@ET180 There are a lot of things happening outside just BTC that make other cryptos viable. I don't mean this from a purely monetary standpoint. There are actual real world use cases from many of the projects built on ETH.
Just an example, I've got ZERO BTC sadly, I wish I had 10K let alone 10Mil in BTC!! Mates got 10K in it and can't convert it back to cash, but he is lazy as, cost $30 at the time. Wouldn't be trading, if I has 10Mil, party party party, run out of money, shoot self, sorted!!
that's just crypto being crypto, rotation in/out of other coins. Tho I wonder about this lady's comments spurring retail if the cultist follow her word. We're far from the 2yr high market cap that neared 800B
Well, since there are theoretically only 21 million BTC in existence, divide the current world GDP into that?