When someone like Saylor buys 20k BTC, the counterparties selling to him are balancing their own books, exiting positions, or reallocating into dollars. That is a symmetrical exchange. Unless his order is large enough to temporarily sweep the order book and leave a liquidity void, the market absorbs it. Liquidity depth matters more than order size in isolation.
On any given day, the Bitcoin market sees volumes that dwarf even Saylor’s largest purchases. Trillions of dollars in forex volume roll through global markets without most people noticing. A $2 billion notional trade is real money but it is a drop in the ocean when the market is deep and liquid. Without a secondary dynamic like panic buying or panic selling price impact will be transient.
Another overlooked point is the stock versus flow distinction. Saylor cannot alter the supply of dollars and he cannot alter the supply of Bitcoin. All he can change is his position. Without new issuance or destruction of units in either asset, the market mechanism is matching his order with an opposite order. That is why you don’t see lasting “crashes” in the dollar or “pumps” in Bitcoin strictly from one buyer acting alone.
When someone like Saylor buys 20k BTC, the counterparties selling to him are balancing their own books, exiting positions, or reallocating into dollars. That is a symmetrical exchange. Unless his order is large enough to temporarily sweep the order book and leave a liquidity void, the market absorbs it. Liquidity depth matters more than order size in isolation.
On any given day, the Bitcoin market sees volumes that dwarf even Saylor’s largest purchases. Trillions of dollars in forex volume roll through global markets without most people noticing. A $2 billion notional trade is real money but it is a drop in the ocean when the market is deep and liquid. Without a secondary dynamic like panic buying or panic selling price impact will be transient.
Another overlooked point is the stock versus flow distinction. Saylor cannot alter the supply of dollars and he cannot alter the supply of Bitcoin. All he can change is his position. Without new issuance or destruction of units in either asset, the market mechanism is matching his order with an opposite order. That is why you don’t see lasting “crashes” in the dollar or “pumps” in Bitcoin strictly from one buyer acting alone.