The ETFs have bought ~2.5x the new issuance of bitcoin since their inception.
MicroStrategy (alone) claims to have bought ALL the new issuance of bitcoin over the last year.
“…But but but ‘profit taking’…” is keeping the supply shock from occurring?
No … Coinbase - enabled by others - is fractional custodying bitcoin. We have huge amounts of paper bitcoin suppressing the price.
Since they are a public company, if their Auditor covers it up, it’ll end up exactly like Enron.
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