(1) I think Bitcoin's fiat price is strongly impacted by people who value fiat more than Bitcoin, and see Bitcoin as a means to get more fiat:
fiat -> BTC -> FIAT
[repeat]
(2) But others value Bitcoin based on its own characteristics and utility, and these people are largely interested in only a one-way transaction:
fiat -> BTC.
#plebchain
#Bitcoin
Hedraios
npub1pt…3430z
2024-07-06 14:34:35
Author Public Key
npub1pt89pppjzkz0cechfdhdfxxj7qelgwv2y20x09u98z9mfhj6gcxq93430zPublished at
2024-07-06 14:34:35Event JSON
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"pubkey": "0ace5084321584fc67174b6ed498d2f033f4398a229e679785388bb4de5a460c",
"created_at": 1720276475,
"kind": 1,
"tags": [
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"content": "(1) I think Bitcoin's fiat price is strongly impacted by people who value fiat more than Bitcoin, and see Bitcoin as a means to get more fiat:\n\nfiat -\u003e BTC -\u003e FIAT\n[repeat]\n\n(2) But others value Bitcoin based on its own characteristics and utility, and these people are largely interested in only a one-way transaction:\n\nfiat -\u003e BTC.\n\n\n#plebchain\n#Bitcoin",
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}