What nobody usually mentions about Bitcoin.

At current prices almost $13,000,000 of new bitcoins are mined every day. That almost $5 billion a year. These have to be absorbed constantly just to keep the price stable.

When the price drops like to 6500 or really any price, I think about all the new money needed to absorb the supply. I am always amazed it doesn’t drop more. From time to time I buy a little more when prices drop.

The halving will cut the current 1800 new bitcoins a day to 900. If the price goes to $20,000 that will be $18,000,000 a day after halving.

My point is this. I have no idea what price bitcoin will be next year or even in a few years. But I am exceedingly confident in the long term and every time the price drops but doesn’t continue to drop, it makes me realize just how strong bitcoin is, even with 1800 new bitcoins every day.

Submitted December 28, 2019 at 12:29AM by foomev2 https://ift.tt/2t6Mdjy