With some industry leaders suspecting that Bitcoin (BTC) is digital gold in the midst of Thursday’s massive market crash, other experts continue to support the digital gold narrative for now or to whale investors that MicroStrategy is losing. Money.
Ki Yong-ju, CEO of South Korea’s network analytics firm CryptoQuant, tweeted on Thursday that his platform had not noticed any “significant network activity” until 11:00 UTC.
Joe writes that institutional investors who have bought bitcoin through online transactions do not appear to have sold their holdings yet, adding that “institutions that use algorithmic trading robots believe that bitcoin is a technology stock.”
“I’d rather be Michael Saylor selling bitcoin,” said the CryptoQuant boss, adding that he still supports the idea of digital gold:
“I think we can proactively detect whale sales through the network. My point was that the digital gold narrative is still valid as long as these institutions own bitcoin. ”
On Wednesday, Vijay May, vice president of enterprise development at Crypto Exchange Luno, questioned the correctness of designating bitcoin as digital gold, suggesting that it is too early to think of BTC as digital gold yet.
“Bitcoin is still in the early stages of its maturity curve to secure a solid position in the digital gold category,” he said. May said that in order to compete more effectively with gold as a value store, bitcoin must be used more widely.
As previously reported, MicroStrategy is one of the largest public Bitcoin investors in the world, with over 120,000 BTC as of January 31, 2022. The company continues to buy Bitcoin despite the cryptocurrency falling from its peak in November 2021 by more than From $ 69,000. to its current level. Value less than $ 40,000.
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MicroStrategy shows no sign that it will leave the Bitcoin vault strategy anytime soon. Michael Saylor, CEO of MicroStrategy, said on Wednesday that the uncertainty caused by conflicts between countries only highlights the benefits of investing in “pure digital energy”.