Before 2023, influxes of fresh money into Bitcoin as a store of value were short sharp sudden bursts, hence the wild fluctuations in the price of Bitcoin. Since November 2023, fresh money has been coming into Bitcoin in a steady stream, but the market capitalisation is now so high that it takes a tremendous amount of money to push the price higher. But the steadiness of the flow and size of the flow indicates that Bitcoin is now a mainstream asset, and that fluctuations will cease to be so dramatic. Lesser fluctuations make it more useful as a store of value, so likely this steady flow will continue, resulting in continued price rises without dramatic peaks. If it stops completely, as it stopped during 2022-2023, the price will drop to $50 000. But with Bitcoin going mainstream, unlikely to stop.
And like Cato ending every speech with "Carthage must be destroyed" regardless of the topic at hand or what the speech was about: Store of value is substantially accomplished. Next up, medium of international exchange. We must eat SWIFT's lunch.
And like Cato ending every speech with "Carthage must be destroyed" regardless of the topic at hand or what the speech was about: Store of value is substantially accomplished. Next up, medium of international exchange. We must eat SWIFT's lunch.
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