$BTC: THOUGHT EXPERIMENT Imagine every Bitcoin in cold storage is converted in kind into IBIT. No BTC is sold. No BTC is created. Supply and demand are unchanged. So initially, price should not move. But dormant BTC is now inside Wall Street’s financial system: tradable, collateralizable, and borrowable. So what wins? More liquidity or more utility for a fixed supply? What happens to price? Hint: What happens when a scarce asset goes from ~dormant savings to collateral.
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