Grayscale Raises $700M+ in a Day, Its Largest Daily Asset Raise Ever - This is roughly 18 days worth of mined BTC scooped up one in one day. There's a massive supply shortage in Bitcoin right now. Economics 101 - supply & demand; this is what will send Bitcoin soaring to crazy heights. Of course the dollar value is a pointless metric though; all fiat will trend to zero over time. We are so close to the majority realizing their lives will be better in Bitcoin. To me, it's inevitable that all the Bitcoin gets bought up - you'll have to earn it one day. Notice how Grayscale keeps buying at any fiat value; all they care about is increasing their position in the Bitcoin network before the masses realize it's insane value proposition.
There's over 40 million millionaires and a few million Bitcoin available for purchase. When Bitcoin gets to a certain value, the remaining fiat-rich will panic exit their government money. They will rush in to get 1 Bitcoin, but they won't be able to. They will need to buy Bitcoin to retain their wealth status; many will lose it due to ignorance. Barry Silbert, CEO of Grayscale is posting GIF's of PACMAN, he's literally eating the supply before your eyes. He's laughing because he can see what's about to happen. Follow the big money, Grayscale just purchased ~16k Bitcoin (Grayscale now manages ~half a million coins) - he will buy more.
Think of Bitcoin like this; divide everything of value in the world by 21 million, then multiply it by the amount of Bitcoin you own. 0.1 Bitcoin (10 million sats) will one day be equivalent to roughly $10m in today's purchasing power. Owning 0.1 BTC today is the equivalent to roughly 50 Football fields. What if this is the last cycle & hyperbitcoinization kicks in? you've missed the opportunity of a lifetime. Disruptive technologies are adopted slowly, then all at once. A smart risk-averse person buys Bitcoin because everything around them has suddenly become far riskier.
While a dip may come, it also may not. Market sentiment on Bitcoin is incredibly bullish. Big money has made a 180 on Bitcoin; it's now being view as essential in the portfolio - the percentage of recommended allocation will only increase as the legacy financial system looks more grim; government money will only continue to drain more wealth from it's citizens. Once upon a time, people laughed at you for owning Bitcoin, soon they will laugh if you still own fiat. A social-flippening is on the horizon.
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