It seems clear that BlackRock and other funds will soon get approval for a spot bitcoin ETF in the U.S. in the near future.
There are approximately 1.5 million bitcoin remaining to be mined.
The percentage of bitcoin being held by long term hodlers is higher than ever, reflecting our low time preference commitment to bitcoin.
Bitcoin's price volatility can at least partially be explained by the lack of liquidity: Short term holders, trading on custodial exchanges, moving relatively small amounts of bitcoin causes extreme fiat price moves.
BlackRock Needs Our Bitcoin
It is axiomatic in the world of business and finance that everything is for sale. The only issue is price. This has shown to be historically true, but there are exceptions. Recently, the young GameStop and AMC degens held firm to cause serious losses for at least one hedge fund.
My point is this. What if the vast majority of bitcoiners don't sell the majority of their stack, regardless of how ridiculously high the fiat price gets? Sure, some of us will be tempted, and others will need the fiat to take care of their families and improve their life. But, what if the vast majority of the bitcoin remains in self custody with long term holders?
I know this wouldn't even be an issue for those of us like @DarthCoin, but I assume many of us will not have his fortitude.
What Would This Look Like?
Of course this is my utopian outcome. Is this scenario realistic? Many of us talk a good game, but none of us really know how we will react when confronted with the opportunity for massive fiat wealth. Do you think it's possible, and what would it mean for bitcoin? Would this hasten hyperbitcoinization?