Real Vision CEO says latest Bitcoin dump is because of institutions
The CEO of Real Vision explained why the price of Bitcoin was dumped at the end of the year because of Institutional interest in Bitcoin and crypto.
Mainstream financial media Real Vision’ CEO Raoul Pal recently appeared in an interview. In the interview, Pal shared many types of things about Bitcoin. In particular, he explained why Bitcoin suddenly plunged at the end of this year.
According to Pal, current market fluctuation with very high differences is because of the financial institutions. Pal said that he believes that institutions are locking their profit by selling their Bitcoins rapidly. Because this is the way for the institutions to get paid, to generate profit.
According to Glassnode, the majority of the Bitcoin sales took place by those wallets, which accumulated Bitcoin in the summer. And also according to CoinShares, digital assets management firms unloaded their digital assets badly.
“It looks like they’re done because the market has been chopping around for the past week, which was the traditional last week of everybody squaring their books.” the pal said
Pal also noted that there are still some better corrections that may take place at the beginning of the new year because many major Institutional management firms are looking to get redeployed.
Pal also believes that institutional investors in crypto will incline more in this industry from time to time, as they will come to know about this technology more. And this will drive a huge marketcap at the end of the decade.
On 29 December, Genesis Trading’ Noelle Acheson also took the reference of Pal’ statment on Institutional interest in crypto and she pointed out many important things because of the institutional inclination in the crypto industry.
She said:
“The institutional growth over the past 12 months has been astonishing and we’re seeing strong signs of that accelerating through next year both through direct investment and through investment in crypto market infrastructure companies themselves.”
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