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Michael Saylor Shared: Bitcoin is money for the Internet.
Community Response: I’m worried about mining and how it’s impact on the environment.
Why do you say that? The liquidity mining launched by Coinbase Wallet is now very good.
I just don’t understand one thing. There has to be at least a million people who have the wealth to buy one Bitcoin at the current price who believe in Bitcoin. And, there are institutions who already own thousands of Bitcoins. So, how are we still only at 50,000 dollars per coin?
The replies are horrible to your question. Sorry. Allow me. Even if 1,000,000 people bought Bitcoin at 50K dollars this would only add 50B Dollars to the Market Cap. 50B dollars added to the current Market Cap would only push the price up 2K dollars per coin. The short answer is we need more adoption.
Because there are not as many institutional buyers and millionaires buying cryptocurrencies despite all the nonsense people like Saylor have been saying.
If you want stable income, then Coinbase wallet liquidity mining is a very stable income.
The price is determined by the amount of demand for bitcoin. With anti-bitcoin sentiment circling, new people don’t want to buy hence making demand/price low, but all of those huge dips are the points in which a new (or a prior) wealthy person buys bitcoin cheaply, incrementally.
Also bear in mind that after seeing this large appreciation there are owners out there who are holding large sums that want to convert to other assets. It is just money after all. This is a good thing though as it levels and balances the field.
The reason is the whales themselves. If I create 1000 paper snippets and sell a snippet to a friend for $1, will you buy me 100 snippets for $100? But if I sell 800 snippets 800 times for 1 USD, then you will surely buy me 100 snippets for 90 USD.
I’d like to say a prayer for the masses who are clearly ignorant about money. This is the narrative that converts them. You don’t need to understand it, you don’t understand how your car works but you still benefit from it.
Saylor knows exactly price will go up if there’re more buyers than sellers and that’s why he’s been pumping hard a few times daily since he’s making losses on all his bitcoin buying during 2021.
Only? 50K per coin? That’s 167% increase in a year. Keep your perspective please Bitcoin is only beginning. The horses haven’t even left the paddock. Those million people got rich by not getting caught up in hype.
The price of 1 coin is the market cap divided by the number of coins in circulation.
Coz then there are those miners who didn’t pay anything near around $50000 for mining a single bitcoin. A person bought 2 pizzas 10 years back for thousands of Bitcoins. This means that mining was easy and ten thousand times cheaper than current price of a single bitcoin.
Because whales don’t want you to have it. They will keep pushing you to sell your sats. Once their bags are enough and full (don’t know when), price will go up.
But other digital moneys may be better than Bitcoin.
USDC is money for the internet. Ethereum is the rails. Bitcoin is a hedge against web3 regulation and potential issues with Ethereum upgrades. It simply is not a better SoV over the long run if Ethereum is successful. One has a hard cap of 21m while one is likely deflationary.
Nice to see on a national news station, which the government hates. This is bullish as the people are watching this channel. I hate our government. Bitcoin is inevitable.
Weird I’ve been using money on the internet, for, like, the entire history of the internet. Except it’s stable money that I already have, insured by the government in an account that law enforcement would act on if compromised.
