Bitcoin (CRYPTO: BTC) may have fallen nearly 50% from its all-time high, but industry expert main that its long-term investment thesis remains intact.
Who Is Buying Bitcoin?
In an interview with Schwab Network on June 30, Alex Blume, founder and CEO of institutional digital asset manager Two Prime, said Bitcoin’s decline from roughly $127,000 to below $60,000 reflects a difficult period for the cryptocurrency rather than a change in its underlying fundamentals.
He pointed to Strategy (NASDAQ:MSTR) as a major factor weighing on sentiment, arguing that the company’s aggressive financial engineering to accumulate Bitcoin has reached its limits.
Blume said Strategy’s preferred equity products have come under pressure, leaving the company focused on strengthening its U.S. dollar reserves rather than buying additional BTC.
