Crypto’s Center of Gravity Is Shifting Away from the U.S.
- Thread starter johnarb
- Start date
So here is the question. If these banks were brought down in order to prevent crypto firms from doing business, and hence making the on ramps and off ramps disappear, then why did bitcoin just go up 4k, or rather, how? Is it money people already had in their accounts? Is it actually difficult now to put money in an account? Is all this buying from outside the US? Or did people just use up the last dollars of USD or stablecoins they had? And if there is actually trouble putting dollars into your account, what will happen once the flood gates open and someone makes it easier to buy bitcoin?
I'll try to answer all your questions but please let me know if I miss any
So, first of all, there is a record low circulating supply of bitcoins on the exchanges, this is good and bad, liquidity is low, so the effect of any major news is exacerbated
The US bitcoin (cryptos) market has been a source of selling pressure as many hedge funds and big investors only see bitcoin crypto asset as another risk asset much like a tech growth stock
So, when bitcoin is up a lot, many of these bitcoin "investors" are looking to sell to rebalance their portfolio. These are big positions traders
We want these investors out of the bitcoin market or at the very least, hindered from the bitcoin and cryptos market. F*ck 'em. Bitcoin does not need them
Bitcoin is a global digital asset. There is huge demand and adoption out of the US. Organic growth for many years
So we're losing on-ramps and off-ramps for the hedge fund and big investors but for the retail people, it is still fairly easy to put $25k through a number of means, Cash-app, PayPal, Coinbase, Kraken
And yea, if they are freezing retail bank accounts and making it difficult, it just means that only the ones with the conviction to buy bitcoin will be the ones that are buying
These will be bitcoin and crypto hodlers. Part of the crypto fam and will not sell at a mere $4K price upmove, will hodl for bitcoin to hit 6 figures and 7 figures $ price per btc
If 100 Million US retail people wanted to buy 1 bitcoin each and hodl, there is not enough bitcoins for even 5 million of them since there's not 5 million bitcoins on the exchanges
The news is exactly what Bitcoin and other hard money assets are made for
The money printer go brrr and bitcoin is the life raft outside of the fiat debt-based slavery monetary system
Last edited:
You did great! I follow lots of people on Twitter now and am getting information even faster now than what I used to get here on ET!
Stay safe, crypto fam. Don't go on boating trips and lose your private keys stored in USB's and laptops
If too much fiat starts moving from the collapsing banks to bitcoin, EO6102...