Isn’t it a little ironic that in the midst of this, bitcoin is selling off? I mean, this is why it was created in the first place, right?
Discussion
A large portion of Bitcoin buyers are still fiat minded. They see it as just another fiat investment and thus it moves with the market generally while longer term goes from strength to strength (in fiat terms) due to the actual Bitcoiners refusing to sell and the inflating away of fiat's value.
This is a big problem. I think that only the collapse of the FIAT edifice will compensate for this unfortunately.
I don't see it as a problem so much as an inevitability. It's a problem if you need to sell some BTC for some reason (which happens) and the price has been hit for some fiat market reason. If you're HODL'ing and don't need to sell, it's just a number on the screen.
Not all Bitcoin holders are plebs.
Institutions have automatic sell triggers when having to rebalance their customer’s portfolios and others in turn when a price floor is hit.
Since Bitcoin’s market cap is still relatively small, this has an outsized impact on the price.
As mentioned in this thread if you’re hodl’ing for the long term this is just noise.
Yeah, I understand some of the mechanisms behind why it is correlated to the broader markets.
I guess I’m just thinking out loud that I’m surprised bitcoin still trades like this. Not that I’m complaining too much. Not gonna sweat a 10% move down, just gonna keep stacking.