What would happen to Bitcoin if a major bank bought it all?
In 2017 Chase Bank CEO, Jamie Dimon, called Bitcoin "a fraud." Recently it has been disclosed that Mr. Dimon has had a series of "secret" meetings with cryptocurrency experts. He now has changed his tune and says he's "All in" on Bitcoin. Even to the extent of developing Bitcoin systems at Chase to facilitate Bitcoin transactions. OK, since we all know that there is a finite amount of Bitcoin out there, what would happen if Chase Bank bought it all? I would really like to hear an expert's opinion on the price of Bitcoin after such an event from a supply and demand perspective.
- Anonymous1 month agoFavorite Answer
Since bitcoin is already owned by other people, for any bank to 'buy it all' would mean as they bought up the available supply unless it was done slowly the price would start to rise. Who knows how high the price would rise to if one side was determined to have it at any price and the remaining holders were not going to sell for any price.
- StephenWeinsteinLv 71 month ago
Nobody could buy it all, because you can only buy what someone else is selling, and some of it is owned by someone who isn't selling.
- JudyLv 71 month ago
don't hold your breath
- BillLv 61 month ago
If someone bought it all, it’s game over. No one will accept a currency (if you want to call it that) that isn’t in circulation. It would have no value because the demand is gone. Personally, I think Bitcoin is junk. It’s not an investment. It doesn’t pay dividends or interest. You don’t own anything except a bunch of ones and zeros in computer memories. It’s only worth something if someone will accept it for payment or somebody else wants your ones and zeros. If something goes haywire, you have no one to turn to to get it sorted out. There are many permanently lost bitcoins. No nation backs up this “currency.”