TD₿: Bitcoin's Buyers of Last Resort by Pierre Rochard
TL;DR Bitcoin's buyers and holders of last resort create a convicted base for the next bull run.
Hey Bitcoiners,
These days I tend to enjoy price dips like the one we saw last week. Not only is it a chance to stack some cheap sats, but it also shows off Bitcoin’s resiliency.
Bitcoin’s price dropped violently and has since recovered without any liquidity injections, bailouts, or intervention.
Bitcoin is the last remaining free market where if you take on too much risk or leverage, there will actually be real consequences.
Similar to how we perform controlled burns to prevent damaging forest fires, this is a positive development for the health of the Bitcoin bull market.
Pierre Rochard touches on the importance of this dynamic in his post “Bitcoin’s Buyers of Last Resort” (10/18/2018).
Bitcoins have now transferred from overleveraged short-term speculators to convicted long-term holders, forming a convicted base of holders for the bull run to continue.
Keep hodling the line, Bitcoiners. You will be rewarded for it.
Tick tock next block,
Cory Klippsten
Sign up for Swan and be smash buying Bitcoin in minutes.
Quote of the Day
“Bitcoin is the last bastion of the free market.” - DocumentingBTC, Bitcoiner
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