According to Option trader, Theta Seek stated that for this incredible feat to happen is to envision consistent buying demand from retail investors. The trader said:
At 100K per BTC, the market has to absorb a miner supply of $90 Million USD daily. Assuming that there are 10 million people worldwide buying BTC on a regular basis.
It would cost them each $9 daily to sustain those price levels. I’ve met people who spend more than $9 on coffee.
Theta Seek added that hodlers—a term used to define long time Bitcoin holders, most of them have not sold throughout the past three all-time highs of BTC, noting:
Data suggests otherwise though, hodlers throughout the past three all-time highs have not been selling in significant portions. 60% of BTC has not moved for more than 2 years.
Even if that were to be true, the longtime supply of BTC will eventually equal the mining (new) supply.”
Data recently obtained from Coinmarketcap, shows the flagship currency having a market capitalization of about $177.5 Billion and at the time this report was drafted, it was trading at $9,648.
Just recently Bitcoin has received incredible support from top-class global financial brands, strengthening the argument as a store of value in recent weeks.
America’s most valuable bank JPMorgan became the first major bank to open accounts for cryptocurrency exchanges (Coinbase and Gemini) and Grayscale a leading.
American hedge fund experienced record institutional trading on Bitcoin and other crypto assets in the first quarter of 2020.