2/ Since March of 2020, the number of Bitcoins held on exchanges has decreased at an unprecedented pace.
3/ Directly before the 2017 bull run, we saw a much smaller, but similar phenomenon. In August of 2016, we witnessed total exchange balances peak at 1.06M BTC. At the beginning of 2017, 0.94M BTC remained on exchanges, meaning 120,000 BTC were removed (-11% decline).
1/ We've all seen the massive amount of BTC being drained from exchange balances, but I've been somewhat skeptical that $GBTC could be sucking up exchange balances (not HODLers adding BTC into cold storage).
Here's a short thread of my research on this topic.
2/ The total Exchange Balance peaked roughly February 14th (around the same time the price peaked).
1. Use it air gapped. 2. Download and verify latest firmware (use firmware from a few months ago if you don't review the updates yourself). 3. Generate seed using dice rolls.
4. Store seed on @blockplate. 5. Export your "watch only" wallet to microusb. 6. Import your "watch only" into software wallets (I like @ElectrumWallet and @bluewalletio). 7. Make sure the receiving addresses match the receiving addresses visibly on your Coldcard.
8. Send a small amount of Bitcoin ($5) and view the confirmed transactions on your software wallet. 9. Wipe your Coldcard device's seed. 10. Use the same device or a completely different air gapped Coldcard to recover your seed.
1/ Introducing my new series: INSIDE THE EVENT HORIZON with @MimesisCapital
THREAD #1
Why is One Bitcoin Worth $18,000?
2/ $330,000,000,000 (330 BILLION DOLLARS)
That’s the total current value stored on the Bitcoin network, and it is likely undervalued by 200x-1000x (or more).
3/ In 2009, not a single Bitcoin existed. Today, over 18 Million of them exist and each one is worth $18,000 (18.5 million x 18,000 = 330 Billion Dollars of Value).
2/ First, if someone is presenting this argument, they've conceded that Bitcoin is the world's most valuable monetary good ever discovered.
They understand that Bitcoin will become so incredibly valuable that it may threaten government itself.
3/ Many reference that private gold ownership was banned in the US in 1933.
BUT, people forget that the reason private gold ownership was banned is because the USD was redeemable for a fixed amount of gold. They needed to break the peg to expand credit (to stimulate).
As we enter #Bitcoin's next parabolic bull run from $3,000 to $1,000,000 and beyond, I'm compiling a thread (below) of all major Twitter threads written to help YOU understand what is happening.
Bitcoin is NOT a bubble. It's the world's best form of money.