1 upvotes, 1 direct replies (showing 1)
View submission: Don't laugh at how much I have
Oooh. This is where its a bit above my head.. but I understand the urgency to get as much as possible. I will have to digest what you've written as my knowledge is also finite. What would happen if all bitcoin is bought up? I have a lot to learn, I know that
Comment by coojw at 03/12/2024 at 14:15 UTC
1 upvotes, 0 direct replies
Think about what would happen if anything of value that’s in demand runs out. Let’s use PlayStation consoles as an example.
What would happen to the price of the newest PlayStation consoles if there were only 500 available per city for the foreseeable future of a few months, they announced it before Black Friday. Everyone would be rushing out and standing in line to get one for Christmas before someone else, and the price would go up as everyone wanted one.
Same thing with Bitcoin. It has high demand, everyone wants it because it holds its value as money unlike the dollar or other paper money that loses value over time. When it runs out on exchanges, its price will skyrocket to meet demand. The only difference between the 2 scenarios, Sony can make more PlayStations, bitcoin is finite.