‘This Is an Enormous Heist’: Chris Hayes Sounds the Alarm on Republican Bill That Would Transfer $100 Billion to Bitcoin Owners
‘This Is an Enormous Heist’: Chris Hayes Sounds the Alarm on Republican Bill That Would Transfer $100 Billion to Bitcoin Owners
Chris Hayes broke down a plan by Republican legislators to transfer billions of dollars of taxpayer money to owners of Bitcoin in exchange for their holdings.
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If you have a billion dollars worth of Bitcoin but you can't sell it for a billion dollars, then you really don't have a billion dollars worth of Bitcoin.
Yup, and it only takes one whale trying to cash out too much to cause a run on the market.
One whale isn't going to be able to cause a run on a $2T market cap.
Bitcoin has absorbed the liquidation of the remaining assets from an entire defunct exchange before.
Market cap isn't liquidity. There's only a few billion dollars of Bitcoin on offer at any given point so dumping another few billion into the market all at once would cause an enormous swing in price. The market may absorb it quickly enough for the price to recover, but it could also trigger panic selling which lowers the price further, which causes more panic selling... and voila there's your run. It wouldn't destroy Bitcoin, but the price could take a very long time to recover if it does at all.
Agreed. I've been hearing that Bitcoin is going to all come crashing down for at least 14 years, possibly 15. I suppose it still could happen - but.