Sunday , May 19 2024
Home / Bitcoin (BTC) / Bitcoin Whales Are the Smart Money. Don’t Be the Dumb Money

Bitcoin Whales Are the Smart Money. Don’t Be the Dumb Money

Summary:
By CCN.com: Owners of “whale wallets” scooped up 450,000 BTC as the bitcoin market hit bear-market lows in late 2018. It appears whales now control 25% of all BTC.Is this good or bad for bitcoin?Whales are smart moneyThese private, non-institutional buyers decided an 85 percent decline was a buying opportunity.The market sent BTC prices higher.Now they hold bitcoin, hoping to exploit the law of supply and demand. By hoarding coins, liquidity dries up, theoretically forcing prices higher.[embedded content]Been here beforeThis is the same tactic used by DeBeers, the UK-based diamond cartel to control prices in the diamond market for more than 100 years.DeBeers hoarded an otherwise unexceptional mineral, started its own hype machine that diamonds were amazing things everyone must-have, the

Topics:
Lawrence Meyers considers the following as important: , ,

This could be interesting, too:

Nick Marinoff writes Opinion: Is the BlackRock Bitcoin ETF a Wolf in Sheep’s Clothing?

Nick Marinoff writes Opinion: The Ripple Case Could Finally Set Boundaries for the SEC

Nick Marinoff writes Opinion: Bitcoin Will Reach K Next Year, a New High in 2025, and Drop in 2026

Nick Marinoff writes Opinion: The Problems Between the SEC and Crypto Go Deep

Leave a Reply

Your email address will not be published. Required fields are marked *