by Mish Shedlock, Mish Talk:
Let’s discuss an alleged flight to Bitcoin claim and what it means.
Investors Ditch the Euro and Pound for Bitcoin in Record Numbers
Please consider Investors Ditch the Euro and Pound for Bitcoin in Record Numbers
“As these individuals from the UK and EU see the value of their currency collapsing, they effectively selling the pound and euro for Bitcoin. If this were just a trade to capture the volatility, we would have seen similar spikes in May 2021 and certainly in March 2020.”
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I counted 35 repeats of this Tweet.
Investors ditch the euro and pound for #Bitcoin in record numbers as their value plummets. https://t.co/pLFGyR7hzL
— Carl ₿ MENGER ⚡️ (@CarlBMenger) October 1, 2022
Those Tweets all stemmed from this one.
As these individuals from the UK and EU see the value of their currency collapsing, they effectively selling the pound and euro for #Bitcoin.
If this were just a trade to capture the volatility, we would have seen similar spikes in May 2021 and certainly in March 2020. pic.twitter.com/aMYOun6Pzx
— Messari (@MessariCrypto) September 29, 2022
What It Means – Two Choices
- Given that Bitcoin is barely holding $19K as I type ($19,200), it means that it takes record buying just to hold the price where it is.
- Alternatively, it means that this record buying is insufficient in size to matter.
Either way, this news repeated at least 35 times, is at best meaningless (case number two).
Assume record buying in Pounds and Euros matters. Then for price to be struggling in this price zone implies others are dumping Bitcoin enough to matter.
