Is currently greater than nearly 40% of the S&P 500...
yet has a minute fraction of the liquidity of any of those...
and isn't traded on any major exchange (although hopefully the ETF will help out a bit with that).
I think I speak for a lot of people when I ask what the fuck is going on here.
A huge portion of that "market cap" is not on the market at all. Add up the inventor's 1M BTC, the FBI's ~150K, many of the large individual strong hands who have several 10K each in cold storage, lost BTC and investment funds such as BIT, and I think an easy 8-9M of the current 12M are not even in the market for trading. These are BTC that are waiting for Bitcoin to take over and are holding out for that. So if you adjust for that, the current market cap of "trading" BTC is actually much smaller and more in line with liquidity.
Think of the physical gold market (not the paper gold market). The physical gold market is very very tiny compared to the amount of gold out in the world. This is the nature of reserve assets held as a store of value, I think we will see similar liquidity for BTC as for physical gold.
