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RE: One Third Of All STEEM Is Traded For Fiat, Not Bitcoin - A Potential Decoupling Of The Asset From BTC
I just wonder whether this an indication of how many people invest in Steem, who don't hold any other crypto. That Steem is their entry point into crypto.
I believe this is good for Steem in the long-term, not being reliant on the price movement of Bitcoin is a strong position to be in. And it's also good when Bitcoin is flat, or falling.
But I wonder what it means when Bitcoin is rising. When Bitcoin rises it tends to pull up the alt coins too. Would Steem de-coupling lessen the upside from this rise?
To a certain extent, yes.
So you could argue, in the short-to-medium term that de-coupling isn't great for Steem. I believe there's a LOT of upside to Bitcoin right now. As long as it doesn't dip below $6k again (in which case it could go much lower), I can only see Bitcoin rising and being very strong again late 2018, into 2019. It'd be nice to get a little of this upside transferring over to Steem too.
Long-term, it could be very good, but we need some short/medium term growth too.