We know that institutional investors are buying and buying large into bitcoin lately. It has been well documented.
The 'little man' was the first in the space over the past decade. In fact, this is one of Peter Schiff's arguments against bitcoin. To paraphrase, no major asset was ever jump-started by the uninitiated. In his views, only the smartest and most edjamacated amongst the wheelers and dealers ever get in on the ground floor of "next big things". Bitcoin enabled kids ("stupid" kids of all things!) to buy in and get rich early.
Anyway, as the price rises, everyone has this instinctive feeling in their gut that this is "the top", or that bitcoin is "over bought". These feelings are, of course, based on nothing tangible. And everyone knows this deep down if they're seriously only engaging the rational portions of their brains. But that irrational part hits. That greedy part takes over. That "I can trade this into more bitcoin" part wins out.
And people sell.
And now, they are selling to the already rich.
And in just a year or two, the bemoaning will begin in earnest. Folks will complain about how only the 1% (or the .1%) own any significant amounts of bitcoin anymore. How the 'little man' got pushed out of the market. Capitalism will be blamed. Greed will be blamed. Everything else will be blamed.
But you know, don't you? You know deep down whose fault it is. Satoshi came up with a brilliant method for initial distribution of bitcoin to the masses: mining. And, for the first decade+, anyone could jump in and claim their stake. Sadly, that train is now leaving the station.
Never to return.
So the fault lies with us. All of us. All of us who sell not because we have to (to meet current financial obligations -- who could fault that choice?), but because we want to. We want to game the system. And we're gonna fuck that system up doing so.
HODL. Not for your personal gain, but to keep this priceless resource out of the hands of those that already don't need it.
Submitted January 04, 2021 at 11:57PM by ADOneyhomPainEcTaInE https://bit.ly/2MpPiVm
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