@michaelbatnick Another thing that is interesting - institutions treat bitcoin as a risk-on asset. Bitcoiners treat it as a reserve asset.
During the run from $10k to $69k, bitcoiners were selling to institutions. On the way from $69k to $38k, the institutions have been selling to bitcoiners.
@LateApe_prime@michaelbatnick Yes, this is the most important point around bitcoin right IMO.
Wall Street treats it as a risk-on asset. Bitcoiners treat is as a reserve asset.
Different behaviors from different holders at the moment. Fascinating to watch.
@michaelbatnick Inflation hedge assets are forward looking. Bitcoin rose hundreds of percent in anticipation of inflation. It served as the perfect hedge.
Now people believe inflation will be lower in the future, so it isn't going up hundreds of percent.
Your analysis proves inflation hedge.
Facebook and Instagram are reportedly working on a platform that will allow you to create, display, and sell NFTs.
This will become the standard over time.
The amount of user interest, economic value, and global impact is too large for large tech companies to ignore.