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Topic: HyperBitcoinization Coming, Says Adam Back, Do you Agree? - page 2. (Read 158 times)

hero member
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The term "Hyper Bitcoinization" has been thrown around a lot, for a long time, but I still think it's a long way away. It's effectively the "end game" of Bitcoin whereby the majority of the world is more of less dependant on Bitcoin or otherwise have to use it. Likely because the major fiat currencies have completely failed or are failing for example. I'd say we are 10-20 years away from that scenario personally, but only time will tell.

Could be, but we all know the person who coin it is obviously Bitcoin maximalist so no surprised to hear those terms being thrown around as early as the previous years to give the impression that we are indeed closer to achieved this.

And as we can see we are moving to the next bitcoin halving again next year, so chances are anyone of us are trying to save as much bitcoin as possible in our wallet, that we have the Private Key. And with that, yeah we are part of that "HyperBitcoinization" already. And it could really be un-attainable for average Joe to purchase it in the future.
legendary
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The term "Hyper Bitcoinization" has been thrown around a lot, for a long time, but I still think it's a long way away. It's effectively the "end game" of Bitcoin whereby the majority of the world is more of less dependant on Bitcoin or otherwise have to use it. Likely because the major fiat currencies have completely failed or are failing for example. I'd say we are 10-20 years away from that scenario personally, but only time will tell.
legendary
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He Tweeted, and I quote -
Quote
because 10mil people trying to buy 1  BTC over a few years would push the price out of reach. And many current hodlers are not selling. Eg very few of the recent whole coiners would re-sell, probably moving up to their next target for extra bitcoin, most are trying to buy more!

The current holders are not selling now, but they will be tempted when the price reaches the peak of the previous cycle or if it will surpass it. People who massively profit from holding Bitcoin need to sell it to realize their profits. You can point out to examples of people selling houses or cars for BTC, but if you go to a house or car market, 99.9% of deals could not be paid with Bitcoin. So whenever price goes up, therre's a massive downward pressure caused by people who want to actually spend their money instead of hoarding it until they die.
You are right, but don't forget that for a market to be seen as healthy, there have to be the presence of sellers and buyers alike, it's alright is at times, the sell pressure is higher than the buying pressure, very normal because, for the price to get to that peak you mentioned, it means that the buying pressure was once higher than the selling pressure, it's normal with every market, it's what drives the market up or down, and that is how profit or loss is realized.

Also have in mind that, when the price of bitcoin reached its peak, and investors start selling, they are selling because some one is buying, even at the pick of the price, they are selling it to ghost of spirits somewhere, real people are buying, that why they are able to sell it in the first place, so the sell is not a problem if you ask me.
legendary
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He Tweeted, and I quote -
Quote
because 10mil people trying to buy 1  BTC over a few years would push the price out of reach. And many current hodlers are not selling. Eg very few of the recent whole coiners would re-sell, probably moving up to their next target for extra bitcoin, most are trying to buy more!

The current holders are not selling now, but they will be tempted when the price reaches the peak of the previous cycle or if it will surpass it. People who massively profit from holding Bitcoin need to sell it to realize their profits. You can point out to examples of people selling houses or cars for BTC, but if you go to a house or car market, 99.9% of deals could not be paid with Bitcoin. So whenever price goes up, therre's a massive downward pressure caused by people who want to actually spend their money instead of hoarding it until they die.
hero member
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Bitcoin body language have pointed to that direction lately with the hyke in fees and varius network congestions, it shows that there are multiple and high-traffic wallet activities regardless of whether the Bitcoin market is either in a bull run or bear market.

I am personally anticipating a possible price increase.
legendary
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Merit: 1083
Leading Crypto Sports Betting & Casino Platform
Yesterday, being the 18th day of May, 2023, the addresses with 1 whole bitcoin hit 1 million +, according to data obtained from Glassnode: an on-chain analytic firm.


Commenting on this achievement, Adam Back - CEO and co-founder of Bitcoin firm Blockstream, said that HyperBitcoinization is coming soon, he went on to say that "Should the existing trend continue, BTC price growth would soon make buying it not only a luxury but something unattainable altogether".

He Tweeted, and I quote -
Quote
because 10mil people trying to buy 1  BTC over a few years would push the price out of reach. And many current hodlers are not selling. Eg very few of the recent whole coiners would re-sell, probably moving up to their next target for extra bitcoin, most are trying to buy more!



What do you make of this information?
For me, I think it makes me more bullish on Bitcoin than ever before...
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