1046 days ago
Bitcoin's average trader returns haven't dipped this low since the #Covid19-driven Black Thursday event back in March, 2020. @santimentfeed's latest weekly report explores the state of $BTC and $ETH after the China crash that sent prices spiraling.
1047 days ago
Source: CharlieBilello
1047 days ago
The crypto crash attracted massive media and market attention this week. The “world portfolio” shows that with a $800bn Market Cap, Bitcoin is worth roughly 0.5% of the world global assets.
1047 days ago
Some key extracts from the report: "Crypto assets should trade as pro-cyclical risk-on assets as they have for the past decade. Gold and bitcoin are therefore not competing assets as is commonly misunderstood, and can instead co-exist (...) In our view the most valuable crypto assets will be those that help verify the most critical information in the economy (...) A blockchain platform like Ethereum could potentially become a large market for vendors of trusted information, like Amazon is for consumer goods today (...) A major argument in favor of bitcoin as a store of value is its limited supply. But demand, not scarcity, drives the success of stores of value. No other store of value has a fixed supply. Gold supply has grown nearly ~2% pa for centuries, and it has remained an accepted store of value. Plenty of scarce elements like osmium are not stores of value. In fact, a fixed and limited supply risks driving up price volatility by incentivizing hoarding and forcing new buyers to outbid existing holders, potentially creating financial bubbles. More important than having a limited supply to preserve value is having a low risk of dramatic and unpredictable increases in new supply. And ether, for which the total supply is not capped, but annual supply growth is, meets this criterion".
1049 days ago
Source: The Daily Shot
