BTC: a tiny few own almost everything
Almost all BTC is owned by very few people; 4% of addresses own 97% of all BTC in existence. And within those 4% there's even further deep concentration.
The vast majority of BTC players (approx 96%) own fuck all.
Think about this for a second: the vast majority of players are holding around 3% of all the available BTC.
The Big Sell
What do you think those tiny few with all the BTC are thinking? What would you do with your 7,564 BTC bought in several tranches a while back (including the ones you snagged under $10 back in early 2013)? Given the gignormous run up would you not be tempted sell a few coins into the hordes of buyers willing to pay x10 or x100 or x400 what you paid? Would you not think "man I should diversify!" ... maybe turn a few hundred BTC into gold... or a few thousand into some nice rental properties? ... and do it while still possible to avoid capital gains taxes...
I stand by my post from nearly a month ago. The peak for this run-up has come and gone.
We are on the downward slide now. A slide that will turn into an avalanche. Just need a solid media narrative to set it off. North Korea, Fed policy flip-flop, Russian bank run.. take your pick.
By Xmas BTC will be down 50% from here. By mid-2018 more than half of today's cryptos will be a distant memory. And many former crypto hundred-thousand-aires will have vanished.
But >> will you be a buyer then?
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Could be that people are trading in their bitcoins for as you said property, vacations, enjoying their investments?
Buying in at 4000.00 is a lot to say the least, but depending on the outcome, who is to say it don't hit 100000?
I know poeope investing and buying gold and silver for sure, but it's good to have some bitcoins as well as a few others but I don't think we've reached the peak, not enough people even know about cryprocurrency.
Time wili tell....
Hi buster544, agreed, we could still yet go higher on this run up. Anything is possible. But I think the odds don't favour it now, the odds favour a good hard wipe out for newbies. By the way, I still own quite a bit LTC, also EOS and ETH ;)
This looks like a recipe for manipulation, where the few can control the price and push it higher, and higHER, and HIGHER ! They could simple push higher by buying/selling to themselves and each other, just for manipulation! Then, sell a little out to the masses for highest price. (Gold/Silver manipulation by banks is going on today by the same means.)
IF this is manipulation, when the truth comes out, someone will start selling and dumping. At that point, it's no good for anyone.
Hi goldkey, yep with this much concentration of market power it would be totally doable to 'paint the tape' as you say.