/biz/ - Business & Finance

BTC is a niche market for people who want to move big funds illegally. They buy btc with cash, move to the other country, sell btc for cash. Not a single fucker actually stores his money in Bitcoin because muh store of value shit when it clearly isn't one. BTC whales(mostly just a bunch of lucky early people) try to cope all sorts of ways. They can't move their btc because it will create a price drop. Only thing they can do is keep the ponzi going and dump it during hype cycles. Reason is that Bitcoin can't scale so there can't be "normie" adoption since normal people would want to buy shit like coffee and food with btc but don't wanna pay $5 in fees and wait for confirmations. Successful normies don't need to do illegal shit like moving their big stacks of money with Bitcoin. Any layer 2 solution by (((Blockstream))) is just the same as banks. So basically Bitcoin is "backed" by a niche illegal market. Bitcoin could very well be at a market cap of $2b or even less and nothing would change much.

There is a lot more hope in that Chainlink will solve the scalability problem. Then if and when Chainlink has it's oracle network going with significant volume, it will be a much better "store of value" since it will be backed by something real with demand.

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