Re: MicroStrategy Buys $250M in Bitcoin, Calling the Crypto Superior to Cash
Lately I've been thinking how much of a self-fulfilling prophecy Saylor's conception of Bitcoin may be.
I am not sure if you really believe this self-fulfilling prophecy concept.
I doubt that bitcoin gives any shits about whether Saylor likes it or not or whether Saylor promotes it or not...
Sure, on the margins, it might make a difference that Saylor is buying into bitcoin and pumping bitcoin like a wildman, but in the end, bitcoin is going up whether Saylor gets onboard or not....
For him it's basically the best financial asset in the world, and that's why he's not going to sell it. Never. He's going to keep buying as much as he can. I think the pic that Fillippone posted in the WO thread characterizes it perfectly.
LOL
As of June 21, 2021, MicroStrategy holds an aggregate of approximately 105,085 bitcoins,
He plans to keep buying. Non-stop
What happens to those Bitcoin he buys? They reduce the offer. It's as if they are lost. They don't flow. The more Bitcoin he buys, the more he reduces the offer and the more pressure he puts on the price to go up.
If big businessmen start sharing their vision, the predictions of several million per Bitcoin in the future are going to be easy fulfilled but largely due to this self-fulfilling prophecy. The whales believe Bitcoin is too valuable, buy it and never sell it, and create even more scarcity than Bitcoin already has because of its limited (deflationary) nature and the reduction of supply with halvings. Aside from the Bitcoins lost already and those that may get lost in the future.
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I don't disagree with other ideas in your post, except the implication that you are trying to make that Saylor has any actual material or meaningful role in bitcoin's success.... sure maybe his actions cause the dips to be less severe and the pumps to be greater, but in the end, there are all kinds of factors to take into account, so it seems a bit too much to be suggesting that bitcoin becomes successful by Saylor, Microstrategies or any other bullish player.. and sure, he wants to be the bullish of the bulls, but so what? There are a lot of factors that come into play, and Saylor identified them and also identified that we are still in early days and he became willing to bet, leverage and overleverage, and likely it will pay off well for him on a personal level.. no guarantees, but surely seems to be a good bet for someone in his position to have taken and way the hell more aggressive than a lot of others would have done (and probably way more aggressive than necessary, but still sends various interesting bullish bitcoin messages, so I am not going to wrestle with his ready, willingness, ableness, and actual action in the various over the top seeming strategies that he has chosen to take for himself and his company.
LOL
As of June 21, 2021, MicroStrategy holds an aggregate of approximately 105,085 bitcoins,
He plans to keep buying. Non-stop
What happens to those Bitcoin he buys? They reduce the offer. It's as if they are lost. They don't flow. The more Bitcoin he buys, the more he reduces the offer and the more pressure he puts on the price to go up.
If big businessmen start sharing their vision, the predictions of several million per Bitcoin in the future are going to be easy fulfilled but largely due to this self-fulfilling prophecy. The whales believe Bitcoin is too valuable, buy it and never sell it, and create even more scarcity than Bitcoin already has because of its limited (deflationary) nature and the reduction of supply with halvings. Aside from the Bitcoins lost already and those that may get lost in the future.
[/quote
I don't disagree with other ideas in your post, except the implication that you are trying to make that Saylor has any actual material or meaningful role in bitcoin's success.... sure maybe his actions cause the dips to be less severe and the pumps to be greater, but in the end, there are all kinds of factors to take into account, so it seems a bit too much to be suggesting that bitcoin becomes successful by Saylor, Microstrategies or any other bullish player.. and sure, he wants to be the bullish of the bulls, but so what? There are a lot of factors that come into play, and Saylor identified them and also identified that we are still in early days and he became willing to bet, leverage and overleverage, and likely it will pay off well for him on a personal level.. no guarantees, but surely seems to be a good bet for someone in his position to have taken and way the hell more aggressive than a lot of others would have done (and probably way more aggressive than necessary, but still sends various interesting bullish bitcoin messages, so I am not going to wrestle with his ready, willingness, ableness, and actual action in the various over the top seeming strategies that he has chosen to take for himself and his company.