Weโre on the same wavelength my friend. Blackrock pushed me over the edge.
Discussion
FTX created 80,000 paper #bitcoin, thatโs roughly 25% of all mined #bitcoin in a year. Who knows how much Binance and other exchanges printed? ๐คท๐ปโโ๏ธ
So many places people can โbuy BTCโ as well but never be able to actually take ownership. Sofi is one example. Whatโs the fractional reserve percentage those places are using? Do they even need to own the underlying asset? I donโt know the answer but Iโm sure itโs not 1-1. Investors own the BTC price to โtradeโ; thatโs it. Confusing for many.
Also, we only found out about the paper BTC at FTX once the tide went out and people started withdrawing. FTX & exchanges at least allow people to own the asset if theyโre lucky enough to avoid the eventual rug & run on the bank. The door narrows quickly once the bluff gets called. Iโm looking at you Coinbase & Binance๐