Digital gold narrative valid as long as MicroStrategy holds Bitcoin, says exec
Institutional investors who bought BTC via on-chain transactions seem to have not sold their holdings yet, according to CryptoQuant's CEO. As some industry executives have questioned Bitcoin (BTC) as being the digital gold amid a massive market crash on Thursday, other experts continued to support the digital gold narrative for now, or until whale investors like MicroStrategy cash out.Ki Young Ju, CEO of South Korean on-chain analytics resource CryptoQuant, took to Twitter on Thursday to report that his platform has not observed any “significant on-chain activities” as of 11:00 AM....
Related News
Bitcoin always has big names behind its back, and – why not? According to MicroStrategy founder Michael Saylor, the emergence of Bitcoin as an investment could herald the end of gold as an asset class in the long run. Saylor, the outgoing CEO of MicroStrategy and a crypto bull, made this claim in December of […]
2020 was the year of the digital gold narrative amid a pandemic and unprecedented money printing. In 2021, only Bitcoin matters and comparing it to gold at this point is selling the coin short. Now is the age of cryptocurrency, and no comparison shows that better than the two charts you are about to see […]
The digital gold narrative was partly responsible for institutional interest in Bitcoin, and putting the precious metal’s bull run on pause. Only recently was that narrative tarnished and cryptocurrencies fell by 50% in a flash. The crash in crypto sent Bitcoin back to retest its former all-time high against gold as resistance turned support, and […]
The last year in finance has been all about Bitcoin. The digital gold narrative arrived at the perfect time, amidst a perfect storm of stimulus money, irrational exuberance in the stock market, and more. The forecast is starting to change for gold, however, just as the top cryptocurrency is struggling to maintain its market structure […]
Nasdaq-listed Microstrategy has bought the dip and purchased $15 million more bitcoins, taking advantage of the falling price for the cryptocurrency after Tesla CEO Elon Musk revealed that his company has suspended accepting bitcoin for payment. Microstrategy now holds about 91,850 bitcoins. Microstrategy announced Thursday that it has purchased $15 million more in bitcoin. CEO Michael Saylor tweeted: Microstrategy has purchased an additional 271 bitcoins for $15.0 million in cash at an average price of ~$55,387 per bitcoin. In the company’s filing with the U.S. Securities and....