Oh hey, just realized you’re Len from CBP, hi!
I don’t know if you’ve already come across my theory on this, so I’ll post it here. 👇
#Bitcoin price is crossing a wide chasm. People can’t imagine spending $90k+ on Magic Internet money. But sats are too small to reason about. It takes over a thousand to make a dollar.
People are not good with very large numbers and very small numbers (lots of decimals). Plus they think they’re too late, and have unit bias, so they go to the shitcoin casino where they can buy whole Doge coins etc.
At $1M per BTC these problems go away. At that price, a sat costs $0.01, a penny stock. We’ll do a one-time 1:100,000,000 split, keeping the BTC ticker. There’s nothing in the protocol requiring 1 BTC to be 100M sats—it’s just a convention.
When this happens, the interests of gamblers and hard-money advocates align. That’s when the real FOMO moon pump begins. We go from $0.01 to $0.02 overnight.
It is not a matter of if but when. Fiat grows at a consistent 8-14% per year. So as long as Bitcoin’s desirability remains at least flat, every price point will be met and exceeded in the fullness of time.
If you’re looking for guests to talk about the psychology of price (or anything else Bitcoin related) I’m available. I’ve been on Cedric’s Bitcoin Matrix pod and Daniel Prince’s Once Bitten among others.
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