When are we going to stop calculating BTC total value by multiplying number of BTC times what is, let's face it, a spot price. There is no way you could sell 2 billion euros worth of BTC. You can't convert them into real property.
A quick look at the 24-hour trading volumes of the top 10 crypto exchanges (only a single trading pair per exchange of BTC against a USD or equivalent) gives a total volume of ~3.8 billion dollars. Many people say that there is a lot of fake volume in crypto but this is still a pretty conservative number. The total BTC volume according to CoinMarketCap is about 23 billion, but I prefer the smaller number because it gives a much better picture of the volume that could be feasibly captured with pretty unremarkable exchange access. If we assume that one can capture 5% of this 24-hour volume (a reasonably conservative assumption given good enough trading infrastructure), it would take about 11 days to offload that amount of bitcoin by selling across the top 10 exchanges.
So you absolutely could convert an amount like that into "real" assets. 11 days doesn't seem like an unreasonable amount of time to me, and we haven't even talked about OTC deals or other providers offering block trading services.
As someone who worked for a trading firm that did some* crypto stuff, you absolutely could sell 2B Euros worth of BTC, in a matter of weeks (contingent on market conditions), without significantly impacting the price.
*Some being trading volumes under but approaching $1B/month, although we didn't really have directional price exposure.
and its simply the same standard used for all other asset classes. lets normalize talking about bitcoin using the same standards we use on other things, of course that would require even knowing how other assets are talked about
mightybyte|2 years ago
So you absolutely could convert an amount like that into "real" assets. 11 days doesn't seem like an unreasonable amount of time to me, and we haven't even talked about OTC deals or other providers offering block trading services.
thisgoesnowhere|2 years ago
The total amount individual traders put into stocks in the first week of the year is ~7b. Is Bitcoin actually > 3x higher than that?
https://www.bloomberg.com/news/articles/2024-01-05/bofa-says...
ikmckenz|2 years ago
*Some being trading volumes under but approaching $1B/month, although we didn't really have directional price exposure.
huytersd|2 years ago
yieldcrv|2 years ago
that hasnt been true for a very very long time
and its simply the same standard used for all other asset classes. lets normalize talking about bitcoin using the same standards we use on other things, of course that would require even knowing how other assets are talked about
loeg|2 years ago