3 months ago 1 min read

The Only Economic Entity Whose Supply is Unaffected by Demand is Bitcoin (BTC)

The Only Economic Entity Whose Supply is Unaffected by Demand is Bitcoin (BTC)

Given its price performance over time, Bitcoin (BTC) continues to be the most discussed and well-liked digital asset in the Web3 sector. At various times throughout the year during bull and bear rallies, prominent BTC investors have expressed various thoughts regarding the coin.

Some of the top investors and Bitcoin holders in the world have today shared some surprising comments on Twitter under the handle Documenting BTC.

The best investors in the world have bitcoin, according to this tweet: w63qeZOTCv

24 December 2022 — Documenting Bitcoin (@DocumentingBTC)

American investor Bill Miller, who considers himself to be a Bitcoin bull, said:

"The supply and demand of Bitcoin are the only two economic variables that are independent."

Even if one Bitcoin became worth $100,000 or $1,000,000, according to Miller, there would still be just 21 million available. The same, he said, is not true for gold because rising demand would cause the price to plummet.

According to American hedge fund manager Ray Dalio, the only asset that can be moved between countries as a means of exchange and a store of value is Bitcoin. He claimed that all other currencies are worthless when it comes to products and services.

Stanley Druckenmiller, a different American investor, said:

"To take control away from the world's central bankers, crypto was a problem in quest of a solution. There isn't much trust."

Peter Schiff, a well-known economist, has, nevertheless, criticized Bitcoin. Elon Musk endorsed Bitcoin (BTC), but Schiff thinks those who bought into it were foolish, and Musk disowns any responsibility for their losses.

In a recent tweet, Schiff echoed this viewpoint and compared the losses suffered by Tesla investors to those suffered by Bitcoin investors.

Muhaym Garme
Muhaym Garme
Expert in cryptocurrencies and a journalist with wealth of knowledge in the field, Muhaym has written extensively on everything relevant to the industry, from price research to Blockchain disruption.
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