So I was thinking about how inflated the crypto market cap is, and it dawned on me. There are 16.9 million BTC in circulation. There are more than 16.9 million people with over 1 BTC portfolio value. So what happens if a bank run scenario was to play out, and everyone tried to withdraw to cold storage?
Basically my conclusion is that there isn't enough BTC in existence to support this market, as the current portfolio value of the crypto market is MUCH more than 16.9 million BTC. This isn't bear FUD btw I'm the biggest bitcoin bull ever, I love this innovation. But this is also a scary thought I had.
Would love to hear your input on this even if you just call me a brainlet conspiratard
Really! It's almost as bad as gold bars, nobody in my area accepts them.
Anthony Morgan
This is why xlm will take over
Kayden Morgan
How are there more than 16.9million people with more than 1btc port?
Nolan Lewis
There are only 5 million active wallets with over 10$, this thread is a bad bait thread
John Gutierrez
he didn't express it very well, what he meant was that more than 16.9m people currently have a portfolio worth more than 1 BTC
Logan Hill
Please show us your numbers because you are implying the impossible.
inb4 you're just a brainlet and did your math wrong.
William Peterson
yeah I think all he's saying is that if everyone tried to convert all of their altcoins to Bitcoin at once it would never work, but really it would just drive the price of Bitcoin up and altcoins down in relation to Bitcoin.
There are a lot of reasons Bitcoin sucks right now, but I don't think this is one
