2 years ago
Institutional investors who bought BTC via on-chain transactions look to person not sold their holdings yet, according to CryptoQuant's CEO.
As immoderate manufacture executives person questioned Bitcoin (BTC) arsenic being the integer golden amid a monolithic marketplace clang connected Thursday, different experts continued to enactment the integer golden communicative for now, oregon until whale investors similar MicroStrategy currency out.
Ki Young Ju, CEO of South Korean on-chain analytics assets CryptoQuant, took to Twitter connected Thursday to study that his level has not observed immoderate “significant on-chain activities” arsenic of 11:00 AM UTC.
Institutional investors who bought Bitcoin via on-chain transactions look to person not sold their holdings yet, Ju wrote, adding that “institutions moving algorithmic trading bots deliberation BTC is simply a tech stock.”
“I’d alternatively enactment until Michael Saylor sells Bitcoin,” the CryptoQuant CEO stated, adding that helium inactive supports the integer golden communicative for now:
“I judge we tin observe whale selling enactment done on-chain preemptively. My constituent was that the integer golden communicative is inactive valid arsenic agelong arsenic these institutions clasp Bitcoins.”Agreed. No important on-chain activities during this warfare crisis.
1/ Institutions who bought $BTC via on-chain txns look not sold their holdings yet.
2/ Institutions moving algorithmic trading bots deliberation BTC is simply a tech stock.
I'd alternatively enactment until @saylor sells #Bitcoin. https://t.co/DQvgkAsH1R
On Wednesday, Vijay Ayyar, vice president of firm improvement astatine Luno crypto exchange, questioned the accuracy of referring to Bitcoin arsenic integer gold, suggesting that it's excessively premature to deliberation of BTC arsenic integer golden yet.
“Bitcoin is inactive aboriginal successful its maturity curve to beryllium firmly placed successful the class of ‘digital gold,’” helium said. In bid to vie much efficaciously with golden arsenic a store of value, Bitcoin needs to execute much wide adoption, Ayyar noted.
As antecedently reported, MicroStrategy is 1 of the world's largest nationalist Bitcoin investors, owning much than 120,000 BTC as of Jan. 31, 2022. The institution continues to bargain Bitcoin contempt the cryptocurrency plummeting from its November 2021 precocious supra $69,000 to its existent worth beneath $40,000.
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MicroStrategy is showing nary signs that it volition wantonness its Bitcoin treasury strategy anytime soon. MicroStrategy CEO Michael Saylor on Wednesday argued that the uncertainty caused by nation-state conflicts lone underscores the payment of investing successful “pure integer energy.”
Nation authorities conflicts make uncertainty, constrain production, weaken currency, cripple trade, and undermine credit, making investments successful indebtedness & equity riskier and underscoring the payment of converting treasury assets into axenic integer energy. #Bitcoinhttps://t.co/dVkng4iCVX
— Michael Saylor⚡️ (@saylor) February 23, 2022
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