Subnostr

#Saylor calling #Bitcoin to 1 million without a bear market between now and then. That’s the kind of statement that makes me think that #BTC may consolidate at the current top while altcoins get a run.

Also, interesting how he’s doing the math that Bitcoin must pop because of the differential between the BTCs acquired by institutions/companies and the supply sold by miners.

Obviously, there are bigger sellers than just the miners or BTC would be much higher by now. Probably some OGs are taking profit but if Bitcoin ends up topping here, there will be a lot of suspicion that BlackRock and Strategy lends significant amount of BTCs to short sellers.

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Discussion

LogicallyMinded 7mo ago

Here is Saylor’s statement I was referring to:

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S!ayer 7mo ago

If that's the case, then hyperinflation is on the cards 😂

LogicallyMinded 7mo ago

For sure, the thing is that #Saylor isn’t preaching the hyperinflation scenario but he rather calls for a supply crush between newly issued bitcoins and the big money coming in. However, this thesis has been at played for the last 2 years and we haven’t seen yet the type of price action that would be warranted by his thesis. Maybe it will come but this lack of proof of reserve from these big players (BlackRock, Strategy) is a big unknown. I think retail favoring to buy the ETF rather than self-custody is increasing the supply of BTCs for sell through lending. It’s common practice for exchanges but if you add IBIT and Startegy to the party, it can lead to a greater ability to suppress the price.