Where people think @saylor understands Bitcoin.. I am more convinced he is at the beginning of his Crypto journey like many here had.
It all starts with Bitcoin.
Then there's the pivot to Crypto and thinking it can do better as people start seeing limitations.
Then there's return to Bitcoin maximalism as the realization sets in that Bitcoin's limitations are EXACTLY why it is successful.
Saylor is just starting in the "Shitcoin era" of his journey.
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Michael Saylor discussed his new vision for Bitcoin at the Xapo Bank conference. It goes something like this:
———
Layer 1 is Bitcoin as “digital capital”: the scarce base asset, like digital gold or prime reserve property.
Layer 2 is “digital credit”: Bitcoin-backed fixed-income or preferred-share instruments, like STRC.
Layer 3 is “digital money”: dollar-pegged instruments that can earn yield through the credit layer.
———
Bitcoin as “perfect money” no longer fits his narrative.
Fidelity's 'Bitcoin's Support & Resistance' data shows BTC in an accumulation zone and "getting ever closer to its power law support line"
#bitcoin https://t.co/BOIclDjrj4
Although $BTC is falling, the increase in short positions is minimal.
The reason of the decrease in net position delta is the liquidation of long positions.
High-leverage long positions are being liquidated. https://t.co/GXyV0pNaRw
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Probabilistic Price Forecast (Next 24 Hours)This prediction is an experimental technical product and is provided for reference purposes only. It does not constitute investment advice. Unexpected real-world events may significantly impact market behavior. Traders should make decisions with caution.
How Many Bitcoins Are There?
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Bitcoin (BTC) is a digital asset and a payment system invented by Satoshi Nakamoto who published a related paper in 2008 and released it as open-source software in 2009. The system featured as peer-to-peer; users can transact directly without an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. The ledger uses bitcoin as its unit of account. The system works without a central repository or single administrator, which has led the U.S. Treasury to categorize bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value by now.
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