After the significant decline in its value…Can Bitcoin still be considered a safe haven?
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Answer After the significant decline in its value…Can Bitcoin still be considered a safe haven?
Amid international crises and a shaky cryptocurrency market, debates are heating up about what role Bitcoin actually plays as an investment and is it really digital gold.
Is Bitcoin digital gold or just another risky asset?
In a recent tweet, Ki Young Joo, CEO of crypto market analysis firm CryptoQuant, expressed his opinion regarding Bitcoin and how it has gone digital.
I think we can proactively detect whale selling activity through the chain. My point was that the digital gold narrative still applies as long as these institutions own bitcoins.
– Ki Young-ju (@ki_young_ju) February 24 2022Read:Phishing and attack targeting the cryptocurrency wallet “MetaMask”
Ki Young Joo believes that as long as institutions like MicroStrategy continue to buy bitcoin, the narrative of “digital gold” continues.
Given the limited supply of bitcoin of 21 million coins, some see the cryptocurrency as the hardest asset on earth, capable of replacing the dollar.
The difficulty of producing bitcoin mimics the difficulty of producing gold, which made many investors call bitcoin “digital gold.”
This is the point where the CEO of “CryptoQuant” spoke and confirmed that there are no non-significant activities on the chain and that the war affected the crypto market like other financial markets.
It appears that the institutions that bought bitcoin with dollars have not yet sold their holdings.
Institutions that run trading bots, algorithms think Bitcoin is a technical stock.
The CEO concluded that he would prefer to stay connected to Bitcoin until Michael Saylor, CEO of MicroStrategy, sells his holdings.
The digital gold story is still valid as long as these institutions own bitcoins.
Saylor is one of the largest individual holders of Bitcoin and reportedly owns more than 125,000 Bitcoins as of February.Read:Positive and negative aspects of PayPal’s entry into the cryptocurrency market
The CEO has repeatedly referred to bitcoin as “digital gold,” and recently told Bloomberg that he would never sell his bitcoin holdings.
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