Saylor can buy $1B worth of corn and somebody can sell $100M worth of derivatives and the #bitcoin price will go nowhere.
A lot of Bitcojners don't understand financial markets.
Discussion
Bitcojners you heard it here first
I read it as sounding Bitconners as the j is silent....as in paper bitcoin fake custody at places like bitgo coinbase etc. Musical chairs of custody not everyone gets the real bitcoin if they all withdraw at same time. Because, you know, databases can be manipulated, big 4 accounting firms are captured and political entities.
Take your bitcoin off of the exchange if everybody did that you’d see a real price in action.
No, the ETFs become the "spot" price setting mechanism then. GLD and SLV have done this. IBIT and whatever else will be next. Already in the bag.
You can trade a commodity or asset without owning it. Welcome to fiat land.
If everyone took out their gold and silver, those prices would rise too. But they just leave it in vaults, and so claims on it fly back and forth. If push comes to shove, some suit owns it, even if he never owned it.
Why did the price go nowhere?