Fascinating: 90% of the Bitcoin volume on the blockchain not tied to economically meaningful transactions. And of the 10% left, the majority are exchange to exchange.

Also, have been thinking about mining. Miners get paid in BTC. They need people to buy their BTC so they can pay for their server farms and electricity. Given that there's no reason to buy BTC except the potential greater fool, the big mining pools need to support the price.

— Ewan Kirk (@ewankirk) December 21, 2021