What happens if everyone who wanted to buy bitcoin already bought it, but nobody really needs it outside the speculative investment thesis?
Discussion
Some thoughts:
1. Price is set at the margin.
2. If your thesis holds true, the value will stabilise at around $1T because of 1. above.
3. Point 2 will erode the ‘speculative investment thesis’ and attract capital from ‘conservative’ investors.
4. If so, scenario 2. will erode and the price will go up because of 1 (net buying > net selling)
They will buy Monero so they can spend it easily in privacy
Curveball prediction: more Hodlers start using Taproot and OP_CSV based timelocks such as those in Liana and Anchorwatch. Onchain fees and transaction volume “problem” solved.