Quote:
Originally Posted by jscott
sad ppl actually think you cannot trade BTC for usd , then withdraw that usd to your bank
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Of course you can cash out and exchange to USD, I have done it many times myself, but not very large amounts.
If I have $100mil in a real bank, and I want to buy a 5 Million dollar mansion tomorrow I can. If you have $100 mil in bitcoin you can't. You can hardly use it for anything in the real world.
People always have the excuse "but you can just cash out 10K a day". Yeah awesome taking 28 years to get your 100 mil out....
Also none of the very big accounts ever cash out or move funds, because they know once they start doing it the price will crash.
There is no real money to cover the full value of bitcoin. Not even 10% of it's market cap exists.