Do you have any opinion about how much money should enter the market to dry it up, we are probably talking about trillions $?
Technically (globally speaking) there are less than or close to 1 million directly available coins at current levels. If the price gets high enough more people will get motivated to wake up their cold wallet coins and dump them on the market, which happened last year as well. The market drying up will need a couple of years at the minimum because we have to cycle through the pumps and dumps. Every bull run peak is higher than the previous one, and that should motivate old hands to unload their coins.
In the end it's not just about the money, but the use. If LN gets up and running and people will be financially incentivized to run a node, which is the case, then they won't sell their coins but scoop up passive income in Bitcoin due to people using their liquidity and node to hop through. It's the first ever time in the history of Bitcoin that you can earn passive income without any risks and without having a third party control your funds. It's a big deal.
1 million coins is actually a very small amount considering that we have 17+ million mined coins, some of that is surely lost over time, but that means the majority of
BTC waiting some better time to enter the market. I assumed that we need to wait for years in order to have a situation where demand exceeds supply. On the other hand LN "business" should definitely be a lucrative job for those who would know to take advantage of it.
There are many indicators which tell you how insanely undervalued Bitcoin is.
My favorites are (beside the fact that indeed there's less than 1 million coins actually available, or at least moving around)
-There are like 35 million millionaires in the world right now, in USD terms. If they all wanted 1 BTC, even if the total supply was available, there wouldn't be enough, since there would only be 21 million, but the actually supply is 16 million, which as we said before, realistically there's like 1 million coins actually "for sale".
-The richest guy in the world is worth more than the entire marketcap of Bitcoin (Bezos)
-The dotcom bubble peaked at near 7 trillion, then Amazon went much higher than that 10 years later. We have never been anywhere near 7 trillion on the entire crypto ecosystem combined
Conclusion: Bitcoin has been, and continues being, insanely underrated.
It is a very big number of millionaires, the question is only whether they are interested to invest in
BTC and move even small % of their wealth from stocks, gold, silver or fiat. Maybe ETF will change that, and even if 10% of them want to have 1
BTC, it is huge number which markets can not satisfy at this time.
I agree that
BTC has an incredible potential, still insufficiently recognized by majority of big players. Optimists would say they just wait for the right moment, maybe they wait ETF or some other big thing - but that moment will come, there is no doubt about it.