Down 14% in the last month. Still way above its actual value (0) but headed in that direction.
I’m guessing cost of living is driving a lot of hodlers to liquidate. You have to imagine most of the money in this thing is institutional though so maybe it won’t matter that much.
Inflation is driving the cost of commodities up but BTC seems to move in the opposite direction. This is meaningful bc the value prop of BTC as an inflation hedge would suggest the opposite, and BTC overweight portfolios will underperform the diversified commodities basket. If this persists it’s only matter of time before we also see some institutional unwinding
I don’t follow that market super closely but it’s interesting nonetheless. It seems these big corrections happen from time to time as well so could just be more of the same. Still one wonders if we are starting to see some structural covariance.
My guess : They can set a price say 1 BTC = $100k and have anyone sell their bitcoin there.
Then no one wants to sell it on market for less than $100k since they can just go to the window for the floor price. At worst the Government ends up owning all the Bitcoin in existence (unlikely) ie 21 million, the bitcoiners get $2.1 Trillion I think (most of it is a transfer from the gov since they wouldn’t have been able to sell it for anywhere near 100k otherwise).