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Expert Reveals How “Fake Supply” Is Killing Your Bitcoin Gains

Caitlin Long, the founder and CEO of Custodia Bank, reveals that the BTC price should have hit somewhere close to six figures in the previous cycle. In an interview with Robert Breedlove’s “What Is Money” podcast, Long reveals that “paper bitcoin” has created a fake supply of BTC.

The 21 Million Trap

Bitcoin’s limited supply is one of its most bullish features. Its scarcity makes BTC more valuable than Gold and other traditional stocks. In an interview with CNBC, Thomas Farley, the former president of the New York Stock Exchange, pointed to Bitcoin’s limited supply as an important feature. He believes that this property makes BTC a must-have in one’s portfolio.

There can only ever be 21 million Bitcoin.

However, as Long explains, the financialization of Bitcoin can make its limited supply irrelevant. According to her, paper Bitcoin or IOU are meeting real demand with fake supply. An IOU is a promissory note, which acknowledges debt. 

Long reveals that if all the IOU is combined, the total amount of BTC promised to people is more than the Bitcoin available today. More than 19.1 million Bitcoin have been mined as of now. 

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 16.08.2022

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