Today I read somewhere that Micro Strategy has yet again bought a huge stockpile of Bitcoin, at a price over $100k. Just like Black Rock, doing it for years now. There is that one self-explanatory theory: You can force Bitcoin to become the digital gold, by simply buying & holding it, in big numbers. Investors will follow. Like a self-fulfilling prophecy. As long as the big players won't sell, BTC price won't go down substantially. But they can sell it in small sizes to others; for huge prices. And have their initial investment sum back, without having to dump the BTC price. On the other side, keep a huge fraction of BTC. What do you think about it?
That first post kind of has it wrong. The average price for Saylor could not have been $111,000 since it didn't even hit this price according to my charts. Could be an innocent mistake, but just pointing it out.
yes, I know. he might have bought it otc, is what I thought. but then again, why would he do it & accept a higher quote...
Ah, good point, and you are likely right. I bet that the higher quote is something that you have to agree on in advance. At the time, maybe if you need 10,000 bitcoins, it would be obvious that if you got it in the market, you would push price way up, so paying a little more up front for such a large order man in fact be cheaper than if you tried to buy it all up yourself. But of course, both sides are taking a risk. The guy selling it and the guy buying it never know who got the better deal until after its done. And even then, its hard to also figure out what would have happened if you were forced to shop around for a better deal.