Do you really think most of the institutions very likely onboarding into BTC in Q1 2022 are buying the narrative? Or are they essentially just seeking the best potential "number go up" asset that they can even access at the current time?
I know you don't believe it, but I just want to say it again, Bitcoin is the hardest money in existence, currently. Unfortunately for gold, which is being debased through issuance of paper gold
Chinese miners in China are 0% of the network hash now, we have many publicly traded companies that are bitcoin miners, Argo, Riot, Hut, even Fidelity has been mining for a long time and one of your coin holdings, Celsius is a big miner in the USA, and outside of the USA in places with cheap renewal energy like Iceland, they have big bitcoin miners
For many of us Bitcoin believers, it is more than just NGU, but ngl, it is quite nice when the price of Btc goes up. We put more importance storing our value for the future, i.e. low time preference
If you're interested, I can post the video of Michael Saylor explaining why he decided to invest all of Microstrategy's cash into bitcoin which he announced to the market 1 month ahead of time last year. That turned out to be only the beginning as then proceeded to purchase over 17,000 bitcoins for his personal stash
Then, Michael Saylor was not satisfied with just putting the cash reserves of Microstrategy, so he issued debt to buy more bitcoins. The company has not stopped buying bitcoins using operating cash flow and issuing equity (more stock shares) to buy more bitcoin, so far the company owns $5.8B worth of bitcoins which fluctuates, was over $7B a month ago in value
Michael Saylor himself has not sold any of the 17,000 btc's he personally owns
Tesla purchased $1.8B worth of bitcoins. Square (now Block) also have done it
You think Bitcoin is only NGU, but I keep telling you that it's not. If my priority is NGU, I would have the bulk of my crypto portfolio not in Btc
Michael Saylor is a billionaire before he got into Bitcoin. He owns about 70% of the Microstrategy company. He's not interested in NGU when he's already very wealthy. If anything, he's taking a risk. He's very smart, double technical major from MIT
On the video I mentioned above, he explained in detail why he chose Bitcoin over all other investment asset to protect the value of his company and his wealth
Bitcoin and cryptos are our escape from the existing financial system. The cryptos ecosystem is an open monetary financial system
I know you said you want to earn your wealth then put into real world business and assets and cryptos is open when you're here and when you leave and when you decide to come back
Bitcoin and cryptos will not hold a grudge
Bitcoin and cryptos will make a lot of people involved "wealthy". We're still early. GM
[PS: The Bitcoin network of nodes are separate from the Bitcoin miners are separate from the bitcoins digital assets
The whales that own much of the coins have no more say on the network than the small shrimps that own very little amount of bitcoins
The miners are fighting to solve the next block and there's no coordination with other miners since the there's no hotline for them to call into. The next bitcoin blocks get solved every 10 minutes or thereabouts
The problem with many coins nowadays, is that they are merely tokens built on smart contracts and if there's some kind of "failsafe" in the code, it is possible to confiscate or censor tokens in the name of protecting the other holders from scams/theft/hacks
Bitcoins do not have this failsafe code and thus censorship resistant. A big Bitcoin miner wanted to censor transactions that contain bitcoins from sanctioned countries or used in illegal activities i.e. ransomware or if not ESG compliant coins, i.e. mined from coals in China, but apparently there was no economic interests from buyers in paying a premium for "clean" coins so the miners stopped the censoring efforts
Game theory through the economic incentives prevail in Bitcoin as outlined in the Bitcoin Whitepaper
Taproot will prevent that kind of shenanigans in the future, anyway]
