These institutions are still buying bitcoin after the “619” crypto market deep pullback?

If May 19 (“519”) staged an avalanche of crypto market declines, June 19 (“619”) further exacerbated the depth of the market pullback.

If May 19 (“519”) staged an avalanche of crypto market declines, June 19 (“619”) further exacerbated the depth of the market pullback. The current bull market in crypto assets was fundamentally driven by global quantitative easing, but now with monetary policies expected to tighten in various countries and short-term negative news, the crypto market has been sinking for more than a month one after another.

Although it is one of the laws of financial market development that bulls tend to plunge and bears tend to surge, there are few who have left the market under the successive setbacks, CNBC host Jim Cramer said Monday, June 21, adding that he has sold most of his bitcoin holdings and expressed concern over the Chinese government’s recent crackdown on cryptocurrency mining and bitcoin’s role in some ransomware attacks. Robert Kiyosaki, author of “Rich Dad Poor Dad,” tweeted that BTC will fall to $24,000. He called Bitcoin the world’s biggest bubble and said he would buy more gold. Earlier, he had repeatedly urged investors to invest in bitcoin during the crash.

It’s worth noting that just as Bitcoin is nearly decimated from its highs of a few months ago, there are numerous institutions and investors who are expressing bullishness.

On the eve of the New York City mayoral race, Democratic frontrunner Eric Adams made a brief endorsement of the world’s largest cryptocurrency. adams said, I will guarantee you that in a year you will see a different city where we will be the center of life sciences, the center of cybersecurity, the center of self-driving cars, the center of drones and bitcoin.

June 24 (Bloomberg) — Galaxy Digital CEO Michael Novogratz said in an interview with CNBC on Tuesday about the bitcoin market sentiment that he’s not nervous about bitcoin’s price drop, even if it falls below $30,000. “The ecosystem is very mature,and the players that are coming in are much more mature. Every bank is running their own cryptocurrency program.” “If it does drop below $30,000, then $25,000 is the next big level of support. I think a lot of customers who didn’t buy in the first time will see that low price as an opportunity to buy and get involved.” .

Ricardo Salinas, the third richest man in Mexico, said in a talk with the head of Blockchain Land that 10% of his assets are in bitcoin. He said all the benefits of bitcoin qualify it as a modern form of gold, which is easily portable and enjoys great liquidity internationally. And most importantly, the supply of bitcoin is limited. In addition, he is not bullish on cottage coins and sees no potential for them to surpass bitcoin.

In addition, Li Yang, chairman of the National Finance and Development Laboratory and a member of the Chinese Academy of Social Sciences recently said that bitcoin cannot be considered a scam, it is a new data asset and people can invest in it like they would in gold, however, it is not a currency. According to Li Yang, after gold was demonetized, it morphed into an investment object and is one of the various investable assets. Now Bitcoin is a digital asset, and it’s in the same class as gold. From an investment perspective, bitcoin is as investable as gold.

Interestingly, there are not a few people in the market who are supporting the development of bitcoin by “buying” it.

On June 24, according to the official update, ARK Fund purchased another 38,614 shares of Coinbase stock and 74,781 shares of Grayscale Bitcoin Trust.

Suze Orman, a personal finance guru and host of the CNBCTheSuzeOrmanShow TV show, said in an interview with NextAdvisor that she has purchased $5,000 in bitcoin via Paypal. This is reportedly the first time she has admitted to owning bitcoin directly. Previously, Orman has spoken several times about her interest in cryptocurrencies and made an investment in Microstrategy stock last June. Orman said she bought Microstrategy stock because she found it easier than buying cryptocurrencies directly. In addition, Orman said Paypal makes it easy to buy bitcoin because it allows users to buy cryptocurrency without creating an external cryptocurrency wallet.

June 23 (Bloomberg) — The Bitwise10 Crypto Index Fund purchased $502,428,024 worth of bitcoin and ethereum, as well as other cryptocurrencies. The fund trades on the OTC market and is structured similarly to the Grayscale Bitcoin Fund (GBTC), but is not limited to Bitcoin; it has other cryptocurrencies as well. Of this, ETH accounts for 25% of the Bitwise fund, Bitcoin accounts for 69%, and other cryptocurrencies account for less than 5% of the total.

On June 22, F2Pool co-founder and Stake.fish founder Chun Wang tweeted, “I’ve purchased 1,100 bitcoins in the past few days and will continue to do so in the future.”

On June 21, MicroStrategy CEO Michael Saylor announced on Twitter that MicroStrategy had purchased another 13,005 bitcoins for $489 million in cash at a unit price of $37,617. As of June 21, 2021, MicroStrategy owns 105,085 bitcoins with a total value of $2.741 billion at an average price of $26,080 per bitcoin.

As you can see, although the expected tightening of global quantitative easing is expected to cause some weakness in crypto assets and other risk assets to some extent. But the current bull market is not due to a single cause of global quantitative easing alone, but includes a combination of other elements. This includes the fact that Bitcoin is building its own “global consensus” and it is worth waiting to see how Bitcoin will evolve in the future.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/these-institutions-are-still-buying-bitcoin-after-the-619-crypto-market-deep-pullback/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Leave a Reply