The CEO of CryptoQuant said that companies like MicroStrategy are keeping the Bitcoin (BTC) digital gold thesis alive.
CryptoQuant’s CEO, Ki Young Ju, is of the opinion that in an environment where crypto markets are collapsing, if giant companies like MicroStrategy continue to buy Bitcoin, the “digital gold” narrative of the asset will remain valid.
Replying to FTX CEO Sam Bankman Fried’s message, Ju also spoke about the effects of Russia’s invasion of Ukraine on the market.
After the invasion, the value of Bitcoin fell below 35 thousand dollars.
Sam Bankman Fried said that war is causing people to withdraw their money and turn it into cash. However, according to him, people can move away from weak currencies and turn to more “strong” currencies.
Bitcoin’s supply of 21 million also makes it inflation-proof, so it can be seen as the strongest coin to replace the dollar.
Fried cites algorithm followers, not fundamental investors, as the main reason for Bitcoin’s recent decline.
CryptoQuant CEO also confirmed Fried’s thesis and said that he does not see anything significant in on-chain activities.
“Institutions buying Bitcoin via on-chain txns seem to have not sold their holdings yet”
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
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