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Early Bitcoin Was Spent, Not Hodled — Revisit Dormant Supply Assumptions
I think early Bitcoin behavior shows people used BTC as a medium of exchange rather than hoarding enormous sums like 10,000 BTC.
That historical mindset implies many large balances were spent or circulated, so assumptions about long-dormant supply should be revisited when analyzing price dynamics.
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Analysis
Historically notable transactions (e.g., pizza purchases) and the culture at the time indicate BTC functioned as money for transactions, not long-term savings; this reduces the likelihood that large e...
Recommendation
This is an observational comment rather than a direct trading call — incorporate on-chain spend and transaction-history analysis into any assessment of Bitcoin’s circulating supply before making inves...
Disclaimer
The Analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.