They though the same about gold and silver. Look what happened. Hope I'm wrong.
Discussion
Care to elaborate?
Look at the gold and silver price. Then look at at inflation. It has not been a good hedge against it. Most of of the gold and silver is being traded through futures and derivatives instead of the real commodity. Many topics can be found on this subject.
This over 10 year article is at least interesting to read and maybe still valid.
Interesting times ahead.
https://www.smh.com.au/money/investing/whos-to-blame-for-great-gold-collapse-20130419-2i4pb.html
That does seem like a great article to read in light of recent events. Kinda proves the irony behind the SEC dilly dallying around for a decade to “avoid manipulation” when the ETFs could very well be where the manipulation begins!
Today I found this about ETFs from Michael Saylor:
Jan 12, 202411:07 GMT+1
Founder and former chief executive of MicroStrategy, vocal Bitcoin proponent Michael Saylor, has taken to the X/Twitter social media platform to comment on the current substantial decline of the Bitcoin price and issue a call to the BTC community in an attempt to prevent a further drop.
In the meantime, small Bitcoin holders continue to sell BTC in order to get exposure to the newly approved spot Bitcoin ETFs.
Michael Saylor strives to stop BTC price fall
Saylor tweeted to tell his followers and the Bitcoin community overall not to sell their BTC. The approval of spot-based Bitcoin exchange-traded funds issued by the Securities and Exchange Commission earlier this week has provoked Bitcoin volatility, and the flagship cryptocurrency has been going down since many are now selling to profit on the first price increase, and many are selling to get free funds to invest in Bitcoin ETFs.
On Thursday, the price of the world’s leading crypto soared by 6.10%, reaching the $48,711 high. Immediately after that, Bitcoin plunged by 6.78%, hitting the $45,729 low.
You do not sell your #Bitcoin.— Michael Saylor⚡️ (@saylor) January 11, 2024
MicroStrategy seeks to raise more funds to buy Bitcoin
When he was the CEO back in 2020, in August of that year, Saylor introduced a Bitcoin-based course for MicroStrategy as the company sought a way out of a crisis. On Saylor’s command it began purchasing big chunks of Bitcoin on a regular basis and adding them to its balance sheet.
Several times, MicroStrategy issued bonds to buy more Bitcoin. The most recent BTC acquisition was announced approximately two weeks ago as the company purchased another 14,620 Bitcoins, with $615.7 million between the end of November and the end of December 2023. As of Dec. 27, the company holds 189,150 BTC worth a whopping $8,666,777,340. Per Saylor’s earlier statements, his goal is for the company to acquire a total of 1% of the Bitcoin’s overall circulating supply.
MicroStrategy is also looking to issue more bonds to raise another $750 million to increase its Bitcoin stash. Saylor is going for only Bitcoin, excluding other cryptocurrencies, even the second largest to Bitcoin, Ethereum.
In a recent tweet, another Bitcoin maximalist, Max Keiser, sent a shoutout to Saylor to give him kudos for “taking Bitcoin out of the s-coin gutter” and for “setting the stage for today’s ETF approval.”
Yeah, idk who is selling, but stronger hands will acquire their sats on a discount!