I hardly even understand the rationale of holding $500 billion in cash and waiting for higher rates.. while expecting inflation.. hardly makes any sense.
It's like you are saying. "We have $500 billion in cash and we expect this cash to be only worth $400 billion in a year, but we would like to sit on such cash and wait for this stack of cash to lose value because we think that there might well be an opportunity out there at some point.. we do not know what that opportunity is, but we think that maybe interest rates might get raised
[as if that's going to help shit?]"... It's like having on blinders, unless he is just trolling us. In other words, is he really that damned dumb?
@JJG:
I was ready to reply "see what I mean?" until I checked the price and saw it was still above $40k. That's good. It sure is temporary though, as we will exceed it soon. proudhon's "right" predictions are temporary too, more often than not.
Surely we already know proudhon's seemingly broken record game... He usually ends up being quite wrong, but surely sometimes he is right, and calling for down in the past few weeks has been working out pretty well, and sure it works out pretty well, until it doesn't - and surely seems to have lower odds of working out well in a bull market - which seems to be where we continue to be, even though there have been some pretty strong doubts in the past few weeks.
Funny how peeps can so quickly presume that we have gone from a bull market to a bear market on the kind of data presented, so far... but whatever, I suppose that several of us longer HODLers are ready, willing and able to go through a premature bear market if we have to, even if it is NOT our preference(s).
I am also NOT going to presume that the $30,066 bottom is "in".. too early for that kind of partying.. so there could be some challenging areas on the way of returning to UPpity - presuming that we have decent chances of returning to UPpity.
Surely, beartards and bitcoin naysayers do need to attempt to take advantage of these kind of DOWNity corrections as much as they can - if they still have any coins to dump, financial instruments to deploy, FUD to spread or other ways to attempt to either push the BTC price down (which would be their preferred scenario) or to keep it from going UP, which could also be acceptable if it does not cost them too much money...
Personally, I would very much appreciate to see the low BTC price betters (close of some of the futures at the end of the month and sure it is the end of the 2nd quarter, too), get fucked up the ass with their bets and their hopes that bitcoin would be below a certain price points by the end of the month/quarter.. I would personally love them to get ripped to shreds, but that might be too sweet... and more of a fantasy than a reality.. It does not really matter to bitcoin either way, if the shorters get fucked by the end of the month/quarter or they end up being correct and we end up getting some more local bottom testing (at $30k or whatever)..
Whatever happens, happens, the price is going to do what it is going to do based on a variety of factors.. and looks like Saylor is not only buying another $500million but today he announced another $1billion... Probably going to be somewhat difficult to outdo him (holy sheeeeiiiiit), even though some of the BIGGER investment funds already have that kind of money that they could throw into bitcoin and it would ONLY be 1-5% of the holdings of their fund. In any event, it is always good to be prepared for either price direction, even if a large number of us have preferences for UPpity and continue to see a lot of seemingly strong-ass UPpity signs...Institutions likely want to get in, but they are slow to act, but Saylor et al is not very slow to act, relatively speaking. hahahahaha
Hopefully, there will be more preachers like Saylor. He paved the way for many institutions in the last year. And he is not the only one. There are many hidden hodlers like him. I've read an article for an address different from the exchanges addresses and holding 100K+ coins which is regularly buying. And one of the days in the last week, when the prices were at 31K it added 3K+ coins. So, everyone apart from some 100x leverage manipulators are in a beast accumulation mode. Now, let's see what this day will bring. Probably MS starts buying and the prices will soar moar?