Re:Bitcoin Halving Just Occured
by colechristensen on Monday May 11, 2020 @04:53PM
(#23146944)
Bitpay claiming to be the largest payment processor bragging about $1 billion yearly transaction volume.
The trading volume yesterday on the other hand was nearly $2 billion.
So that would mean that the demand for bitcoin in bitcoin markets for actual usage of bitcoin is one part in 700?
I think that counts as not much actual usage.
FYI the trading volume on global forex markets (fiat currency pairs like EUR/USD) is $5 trillion/day, while global GDP is ~$0.2 trillion/day.
There are lots of trading bots shuffling amounts back and forth without actually buying anything. High speed trading is no different, it's not like the computers are buying, say, actual physical bananas; they are just trading back and forth.
To make an definitive statement like this, with no sources, shows the inherent bias you have.
In reality, apparently a lot of people use BTC for quite a bit of actual business.[1][2]
[1]: https://bitpay.com/blog/bitpay-growth-2017/ [2]: https://news.bitcoin.com/bitpay-reports-processing-over-1-bi....