In my opinion, very high leverage on such small markets with low liquidity is like asking for disaster,
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Of course, all these problems don't help BTC to be a safe haven, but still, I personally think that volatility caused by high leveraged trades on the small BTC market is the key here.
Wait man you are thinking the wrong way.
Btc has no liquidity problems. Volume in the last 24h was 43 billion dollars.
How can you say that it has low.liquidity? This makes absolutely no sense, as it is bigger than many stock exchanges around the world. It is bigger than Brazil stock exchange daily volume. Much bigger.
Small bitcoin exchanges doesn't affect the market , you can just ignore them, as they don't play a big role in determining btc price or volatility
Bitcoin capitalization should not be compared to stock market like this imo.
London stock exchange was created in 1801. Sp500 is also very old and many others. There are thousands of companies there.
Companies that have pretty high profits. Bitcoin will never have profit, because it is not a company.
. Volume and market share of the largest companies of the world will always be higher than any safe haven