[pavlov]

My argument is that $10B of Bitcoin isn’t worth anywhere near that.

You can’t sell it without crashing the market, and you probably can’t borrow multiple billions of cash against it either because nobody in the crypto ecosystem has that kind of liquidity anymore. I’m open to be proven wrong by evidence.

[latchkey]

Argument from ignorance fallacy. I'd love to prove you wrong, but the fact is that it is impossible to prove.

My own experience says that there is a lot more money out there than anyone can ever hope of comprehending. A good portion of that money belongs to people who are never seen. Not everyone tries to be a public figure. Not everyone is in the US. I just saw a video of a G-Wagon in Saigon (~$650k)... Vietnam is a very poor country on the outside, but you'd be astonished how much money people have there.

The amount of money in crypto is staggering. I know of people who started mining ETH from day one... and didn't stop. I can only imagine their wealth. It would be easy for them to sell off chunks over the last 4 years without anyone noticing.

Needless to say, I'm sure that if someone wanted to get rid of it, they could. It might take some time and effort, but when you have god levels of money, all you have is time.

[pavlov]

I feel like you and I are actually arguing the same thing. A lot of people in crypto are obviously crypto-rich and have been converting to cash over the years to buy those fancy cars and penthouses.

So who's left buying today? Retail frenzy brought the fresh dollars but it's dried up. Those crypto-millionaires don't need to convert their cash back to crypto. They own enough crypto already, and (as you describe) they went through an effort to build cash positions, so why revert that... So where does the $10 billion in cash come from?

[latchkey]

> So who's left buying today?

I know that institutions and high net worth individuals (hnwi) are quietly buying. There are companies like attestant.io who are staking ETH for (hnwi).

> Retail frenzy brought the fresh dollars but it's dried up.

For now. Being in the industry myself, I've had a saying for years, like it or not... magic internet money always goes back up. I feel like you're just looking at one blip in 13 years of blips, throwing up your hands and saying game over. That's like saying after the dot-com bubble bursting, that tech would never go up again.

You can definitely bet that people are buying the dip. It is starting to show in the recent upward price movement too. 20%+ gains in a few weeks are not small.