While some industry executives have questioned whether Bitcoin (BTC) be digital gold amid a massive market crash on Thursday, other pundits continued to support the digital gold narrative for now, or until whale investors like MicroStrategy cash in the money.
Ki Young JuCEO 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 activity” as of 11:00 am UTC.
Institutional investors who bought Bitcoin through on-chain transactions do not appear to have sold their holdings yetJu wrote, adding that “institutions running algorithmic trading bots think BTC is a tech stock.”
“I would prefer to stay until Michael Saylor sells Bitcoin,” the CEO of CryptoQuant stated, adding that he still supports the digital gold narrative for now:
“I think we can detect whale sales activity through the chain in a preventive way. My point was that the digital gold narrative remains valid as long as these institutions hold Bitcoins.”
Agreed. No significant on-chain activities during this war crisis.
1/ Institutions who bought $BTC via on-chain txns seem not sold their holdings yet.
2/ Institutions running algorithmic trading bots think BTC is a tech stock.
I’d rather stay until @saylor sells #bitcoin. https://t.co/DQvgkAsH1R
— Ki Young Ju 주기영 (@ki_young_ju) February 24, 2022
Passed. There are no significant on-chain activities during this war crisis.
1/ Institutions that bought $BTC through on-chain transactions appear not to have sold their holdings yet.
2/ Institutions running algorithmic trading bots think of BTC as a tech stock.
I prefer to stay until @saylor sells #Bitcoin.
On Wednesday, Vijay Ayyar, vice president of corporate development at cryptocurrency exchange Luno, questioned the accuracy of referring to Bitcoin as digital gold, suggesting that it is too early to think of BTC as digital gold yet.
“Bitcoin is still early in its maturity curve to place itself firmly in the ‘digital gold’ category,” he said. To more effectively compete with gold as a store of value, Bitcoin needs to achieve more widespread adoption, Ayyar noted.
As previously reported, MicroStrategy is one of the world’s largest public Bitcoin investors, holding over 120,000 BTC as of January 31, 2022. The company continues to buy Bitcoin despite the cryptocurrency plummeting from its November 2021 high above USD. 69,000 to its current value below $40,000.
MicroStrategy shows no signs that it will abandon its Bitcoin treasury strategy any time soon. MicroStrategy CEO Michael Saylor argued Wednesday that the uncertainty caused by conflicts between states and nations only underscores the benefit of investing in “pure digital energy”.
Nation state conflicts create uncertainty, constrain production, weaken currency, cripple trade, and undermine credit, making investments in debt & equity riskier and underscoring the benefit of converting treasury assets into pure digital energy. #bitcoinhttps://t.co/dVkng4iCVX
—Michael Saylor⚡️ (@saylor) February 23, 2022
Conflicts between nation states create uncertainty, constrain production, weaken currencies, cripple trade, and undermine credit, making debt and equity investments riskier and underscoring the benefit of converting treasury assets into energy. pure digital.
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