Re:The crypto crisis has created an advertising vacuum
by mdm12 on Monday July 04, 2022 @03:18PM
(#31980734)
Apparently, the average investor's position for BTC in Coinbase is around 21k, per some Mizuho survey: https://www.investing.com/news/stock-market-news/survey-show.... So, many folks are underwater on their so-called 'investment'.
Re:The crypto crisis has created an advertising vacuum
by Retric on Monday July 04, 2022 @03:31PM
(#31980837)
Average is generally a poor way of approximating monetary distributions. If 6 people buy in at 15k and 1 person buys in at 60k they average to 21.5k.
That said, clearly a lot of people are underwater.
I suspect that most retail Bitcoin holders bought it last year and are down 30-70%. The people who post on HN are very much outliers, having known about Bitcoin for a decade. The real retail volume in 2021 came from relatively uninformed people buying their first crypto.
Also, there are the publicly listed corporate whales. Tesla has 42,000 Bitcoins bought at an average price of $31,620. MicroStrategy has over 130,000 Bitcoins bought at an average price around $30k as well.
Public company accounting standards require these companies to mark down their crypto holdings regularly, so it seems that Tesla will be booking a roughly $420M loss for the past quarter, and MSTR has lost a whopping $1.3 billion. (I'm sure Musk appreciates that the loss is close to 420 though, even if Tesla shareholders don't.)