• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

Bitcoiners Wait For Saylor Bot

14/06/2021 14:30
No comments
Bitcoin's price on Coinbase Pro

Microstrategy closed its bitcoin offering today, raising $488 million after accounting for costs according to a statement.

If buying begins now, then saylorbot is expected to purchase $2,000 worth of bitcoin a second with it estimated to last ten days.

They will do so through Coinbase Prime, the big boys section that has algo wizzing to basically market buy on Gdax (Coinbase Pro).

That’s if they follow the same approach as before which Saylor himself has previously revealed in interviews.

Saylorbot, Dec 2020
Saylorbot, Dec 2020

Bitcoiners will probably spot the bot once it starts operating, giving us a new screenshot like the one to the right during December.

That was the first bitcoin purchase by Microstrategy, with a second round in February and now a third.

Between these rounds they have bought in a dollar cost average (dca) method about $10 million worth of bitcoin now and then, with the company allocating a portion of their profits to digital gold.

That has paid off handsomely so far overall, with it to be seen now just how much of an effect this new bot buying pressure will have on price.

$50,000 Forever?

In a simplistic comparison of half a billion v a $760 billion market cap, you’d think it would have little effect. However this is a very one dimensional analysis as this is one of those rare times where the market knows of the purchase before hand.

As such, holders would expect at least some price rise, and so may wait for the buying to finish before considering selling, unless obviously they so broke or there’s some necessity.

In addition market cap is price x coins in circulation. Price, on the other hand is supply and demand for the coins on the market which are usually about one million bitcoins a year.

We could here try and get it to an average for a day, 2,739 bitcoins ($110 million), times ten days. So Saylor alone, and obviously this is a very rough estimate and may even be completely wrong, may account for about half of the needed demand to cover market supply.

Since this is new demand, then in the abstract price should rise by 50%, of $40,000 being $20,000, so to $60,000 presuming everything else remains constant.

To be conservative we can discount half of it for lulz and say price should get to maybe $50,000, but obviously we don’t know what it will do until it does do it as there are far too many other moving factors which can change the supply and demand equation, but the main point is that half a billion is no joke, especially over such a fairly short period of ten days with a constant buying pressure of $2,000 a second.

Related Posts

Ethereum, the burning, Aug 2022

EthereumPoW to Remove EIP1559

US Bureau of Labor Statistics

Bitcoin Jumps as US Inflation Falls to 8.5%

LUSD’s Token Jumps, RAI’s Rises 50%

Infura Censors Tornado Cash Smart Contract

Load More
  • Trending
  • Comments
  • Latest
Proof of Work/Stake

Proof of Stake vs Proof of Work

Ethereum, the burning, Aug 2022

EthereumPoW to Remove EIP1559

Alireza Peyman Pak, file photo

Iran Pays with Crypto For $10 Million Import

Torn price, Aug 2022

Torn Token Dives as US Bans a Smart Contract, ENS Domain Goes Offline

Ethereum, the burning, Aug 2022

EthereumPoW to Remove EIP1559

US Bureau of Labor Statistics

Bitcoin Jumps as US Inflation Falls to 8.5%

RAI Spikes, Aug 2022

LUSD’s Token Jumps, RAI’s Rises 50%

Infura RPC censorship, Aug 2022

Infura Censors Tornado Cash Smart Contract

Comments

Latest News

  • EthereumPoW to Remove EIP1559
  • Bitcoin Jumps as US Inflation Falls to 8.5%
  • LUSD’s Token Jumps, RAI’s Rises 50%

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?