What’s Happening with Bitcoin?
Recently, the U.S. Supreme Court gave the government permission to sell 69,000 Bitcoin, worth $4 billion, to repay investors of a shut-down crypto company that owned the coins. This has caused fear in the market because if all of this Bitcoin is sold at once, the price could drop quickly and sharply.
But let’s think about it for a moment. Would the U.S. government really be so reckless as to sell all the Bitcoin at once and crash the price? Especially when around 35% of Americans use cryptocurrency? It wouldn’t make sense for them to hurt a large portion of their population.
Also, keep in mind that $4 billion is only a tiny fraction (about 0.0001%) of Bitcoin’s total market cap. So, even in the worst-case scenario, it would cause a quick dip that would likely recover just as fast.
And don’t forget that Bitcoin ETFs could step in, buy the 69,000 Bitcoin, and stabilize the market. Bitcoin could be on its way to $70,000 very soon.#BTC☀ #bitcoin☀️ #BTC☀ #bitcoin☀️ #BTC☀
