Re:$365B wiped off cryptocurrency market after Tesla stops a...
by dragontamer on Thursday May 13, 2021 @02:57PM
(#27145891)
If the dollar is inflating away, you'd want to sell dollars and buy BTC and otherwise run away from the dollar.
The inflation argument makes no sense. Inflation would cause BTC to go up in value. Something else is causing BTC to drop in value.
Personally, I think this has more to do with Vitalik's $Billion donation to charity. What do you think would happen when a whale decides to sell $1-Billion worth of various cryptocoins? I bet they're liquidating all of those various cryptocoins into BTC, and then using the large BTC-exchanges to convert it into fiat.
All this Tesla stuff seems like a red-herring to me.
The inflation argument makes no sense. Inflation would cause BTC to go up in value. Something else is causing BTC to drop in value.
Personally, I think this has more to do with Vitalik's $Billion donation to charity. What do you think would happen when a whale decides to sell $1-Billion worth of various cryptocoins? I bet they're liquidating all of those various cryptocoins into BTC, and then using the large BTC-exchanges to convert it into fiat.
All this Tesla stuff seems like a red-herring to me.