'Art is not backed by anything other than a subjective sense of beauty and a deteriorating piece of canvas and the faith of people who buy it and give it value for covering a large space of empty wall. Many of these people are betting that someone else will be willing to pay them more for their Art in the future.'
What Jesse Felder doesn't understand is it's the same Billionaires buying Bitcoin who are buying the paintings in the below links. The world is awash in money, and they are printing more of it. https://www.culturetype.com/2014/11/12/at-sothebys-3-9m-white-text-painting-sets-glenn-ligon-record/ https://www.the-sun.com/news/1902440/painting-white-canvass-auction-glenn-ligon/
Long-Term Bitcoin Holders Are Selling Off Their Coins A lot of previously dormant Bitcoin is now moving, indicating that long-term holders are selling their Bitcoin. By Scott Chipolina 3 min readDec 9, 2020 In brief Bitcoin that had previously been held for the long term is now moving, according to Glassnode data. The "Bitcoin coin days destroyed" metric tracks the amount of previously dormant Bitcoin that has moved. This might indicate a declining optimism about Bitcoin, but not all analysts agree. A metric that tracks how much dormant Bitcoin has been recently moved, indicates that long-term Bitcoin holders are realizing profit on their Bitcoin. The Bitcoin Coin Days Destroyed metric measures when dormant Bitcoin is sold. The older, and the greater amount of Bitcoin, the higher the metric goes. And recently, it has been shooting up. Bitcoin coin days destroyed data. Image: Glassnode On September 26, Bitcoin’s price was $10,754, and the total number of coin days destroyed was just over 8 million. One month later on October 26, Bitcoin’s price had increased to $13,072, and the total number of coin days destroyed increased to 18 million. Download The Decrypt App. Get our app for the top news and features at your fingertips. Be the first to try the Decrypt Token and much more. On November 26—just days before Bitcoin’s new all-time high was achieved—Bitcoin’s price was at $17,106 and the total number of coin days destroyed shot up even further, to just under 21 million. In total, this represents about a 162% increase in coin days destroyed in the three months leading up to Bitcoin’s all-time high. This phenomenon might be what’s causing Bitcoin’s decreasing price and inability to finally break the $20,000 bracket. It’s no surprise that long-term holdings have been sold just weeks after Bitcoin’s price broke a new all-time high. BTC -2.89% $18110.45 24H7D1M1YMax Dec 3Dec 4Dec 5Dec 6Dec 7Dec 8Dec 9Dec 101750018000185001900019500 BTC Price “I do not see this as a cause for concern to Bitcoin investors or bulls. As the Bitcoin price set a new all-time-high after nearly three years, it is natural for “hodlers” to consider investing, selling, or even reinvesting their Bitcoin,” Igor Runets, founder and CEO of BitRiver, told Decrypt. According to Glassnode’s The Week On-Chain newsletter, “while so many long-term holders remain in a state of significant profit, sideways or downwards price movement can be expected as they realize these profits.” Yet, for some analysts, there is little cause for concern. In comparison to figures from January 2018, when Bitcoin witnessed a major crash from its previous all-time high price, the number of coin days destroyed was significantly higher. Crypto Slumps As $35 Billion Wiped From Global Markets If you’re a recent entrant into the world of crypto and crypto investing, you’ll not be pleased by today’s Market Watch. Global market cap took a sharp downturn over the last 24 hours, droppi... Sponsored by AAX Matt HusseyDec 9, 2020 “The coin days destroyed figure was consistently higher and even peaked as high as 85 million. In our view, this is better interpreted as a positive indicator and a demonstration of confidence in the future of Bitcoin by long-term holders,” Jason Deane, Bitcoin analyst at Quantum Economics, told Decrypt. But during the last week between December 1 and December 8, the total number of coin days destroyed fell from 19 million to 12 million. Perhaps the rest of the Bitcoin OGs are waiting for higher prices to come. https://decrypt.co/50869/long-term-bitcoin-holders-are-selling-off-their-coins-and-making-profit
I think this makes a lot of sense. If all of these funds are all of a sudden buying hundreds of billions of dollars worth, where is the supply coming from? Maybe they accumulated over weeks or months, but it just seems like every day you have someone say they are putting lots of money into it, and yet, price doesn't seemed to me moving much in the past couple of weeks.
Institutional investors are not buying hundreds of billions of $ worth, the market cap for all bitcoins is less than $335B, currently. It's not too late to buy bitcoin
My apologies, I mean to say hundreds of millions. I haven't done any research into the volumes traded, or even compared this to low float stocks as an example, but I would imagine that there should have been more of an impact to price. But like I say, maybe these articles and institutional buying is what caused the price to be back at ATH. Since then though, there is lots of absorption though.
Can you really not see Schiff is basically an actor? He is an actor playing a roll for marketing purposes. It is really smart marketing on his part. He probably goes home and laughs at the people who can't see this. You can't say cigarettes and gold are money but bitcoin is not when you can actually buy things much easier with bitcoin than with cigarettes or bars of gold. I apologize if you are posting this to point out what a joke Schiff is.