twopi, 2 months ago

It’s both.

If you just look at supply and demand graphs.

Where S is supply, D is demand, N is number of people, I is number of investors, and P is price you’d have:

1. S[=N+0]=D[=N+0], P-
2. S[=N+0]<D[=N+I], P▲
3. S[<N+0]<D[=N+0], P▲
4. S[<N+0]<D[=N+I], P▲
5. S[>N+0]>D[=N+0], P▼
6. S[<N+I]<D[=N+I], P▲
7. S[>N+0]>D[=N+0], P▼
8. S[>N+I]>D[=N+I], P▼