It is worth adding that as Hunter Horsley and Matt Hougan of Bitwise point out (as well as many others), there is another powerful source of demand. There are ~560mm (only ~50mm in the US) estimated "crypto" owners globally. 560mm, up from zero 15 years ago, is likely to grow. And of those, individuals are often increasing their exposure... from zero, they build trading positions, then they think about % of assets, which starts small, then gets to 1%, then 2%, then 5% and more for an increasing number of people. Another popular strategy is likely to continue to grow as well... buying a small amount every week or month. Over time this becomes a very significant source of demand.
All of this supports the concept that hard money holds value better than fiat as evidenced by the price of gold since 1971 when gold backing was removed from all fiat currencies.
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It is worth adding that as Hunter Horsley and Matt Hougan of Bitwise point out (as well as many others), there is another powerful source of demand. There are ~560mm (only ~50mm in the US) estimated "crypto" owners globally. 560mm, up from zero 15 years ago, is likely to grow. And of those, individuals are often increasing their exposure... from zero, they build trading positions, then they think about % of assets, which starts small, then gets to 1%, then 2%, then 5% and more for an increasing number of people. Another popular strategy is likely to continue to grow as well... buying a small amount every week or month. Over time this becomes a very significant source of demand.
All of this supports the concept that hard money holds value better than fiat as evidenced by the price of gold since 1971 when gold backing was removed from all fiat currencies.