What might happen if Amazon CEO tried to buy all Bitcoin in circulation while Twitter CEO continued bullish Bitcoin

By Selena On Apr 25, 2020

What if Amazon CEO Jeff Bezos bought Bitcoin? Have you ever wondered what will happen or not? Certainly, the event is as high as Warren Buffett, CEO of Berkshire Hathaway, trying to invest in BTC.

Jeff Bezos, Amazon CEO

What happens if Amazon CEO tried to buy all BTC in circulation?

According to the message from cryptocurrency trader and YouTuber to Cointelegraph, Tone Vays, Amazon’s $ 140 billion CEO couldn’t buy every BTC in circulation.

Vays said:

“He would drive up the price of BTC to the point where he could no longer afford it.”

In the past 11 years, about 18,343,537 BTC have circulated in the market. However, some of those coins are placed in different wallets and platforms with the intention of holding longer. Some early adopters even lost the number of unknown BTC that could potentially be recovered. Basically, only a certain amount of BTC is liquidated, or immediately tradable, on exchanges and markets.

Vays added:

“Bitcoin is a very illiquid asset. If Bezos tried to buy all available BTC, everyone would begin buying up BTC after hearing the news, which would take the asset’s price even higher.”

Continuing his explanation, Vays said the situation could also cause fear in the market:

“If he did achieve the purchase of a significant chunk of Bitcoin to rival Satoshi, or even drunk 25% of all Bitcoin, he could then cause some panic in the market with people thinking he might dump any moment, crashing the price.”

Vays referenced a similar situation seen roughly 40 years ago. Between 1979 and 1980, the Hunt brothers, W. Herbert and Nelson Bunker attempted to purchase all silver on the market, also called cornering the market. Similar to what Vays believed would happen with BTC, the Hunt brothers’ mass buying resulted in silver’s market value surging from $ 6 to $ 50 per ounce.

Twitter CEO Jack Dorsey bullish Bitcoin

Twitter CEO and co-founder Jack Dorsey is a known Bitcoin bull, who has spoken up about Bitcoin and praised the world’s most popular cryptocurrency. This bullishness has been amplified a bit more, now that Dorsey replaced his Twitter bio with just one word – Bitcoin.

Jack Dorsey, Twitter CEO and co-founder

Investment consultant and podcast host Preston Pysh pointed out the development in a tweet. Pysh’s post not only points out Dorsey’s bullishness but also seems to taunt Bitcoin critics. The tweet suggests that critics should think twice if Dorsey is this bullish and vocal about Bitcoin.

Jack Dorsey has one thing listed in his bio on twitter.

So here’s the question for people that think BTC won’t work:

What the hell does this guy know about #Bitcoin that you don’t? pic.twitter.com/q6dug8A8Hn

— Preston Pysh (@PrestonPysh) April 23, 2020

Dorsey’s “Bitcoin” bio could add some steam to the growing anticipation of the Bitcoin halving. Only weeks away, the Bitcoin halving is easily the most anticipated event in the crypto community.

History also hints that the halving will spike prices. The upcoming halving is the third one ever, since Bitcoin’s inception. The first two halvings saw significant increases in Bitcoin’s value, a trend which the community expects would continue.

However, some believe that the halving is already priced in, and will do next to nothing for Bitcoin. Euro Pacific Capital Inc. CEO Peter Schiff has said that the halving risks a vast “sell the fact” because there will be no Bitcoin buyers after the halving.

Dorsey described Bitcoin’s white paper as poetry in a recent interview

In a podcast interview with technology researcher, Lex Fridman, Dorsey called Bitcoin’s white paper “Poetry.”

He said:

“I think the Bitcoin whitepaper is one of the most seminal works of computer science in the last 20 or 30 years. It’s poetry.”

On 2019, Dorsey said of Bitcoin in an interview with Joe Rogan on 2019:

“It was something that was born on the internet, that was developed on the internet, that was tested on the internet – it was on the internet.”

Twitter CEO likes the crypto hierarchy, he said:

“I think the most beautiful thing about it is there’s no one person setting the direction, and there’s no one person, on the other sides, that can stop it. We have something that is pretty organic and very principled in its original design. ”

In early April, amidst troubled markets and the coronavirus pandemic, Twitter’s CEO allocated his staggering $ 1 billion to Start Small LLC, a COVID-19 support fund he initiated.

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