Martin Heisbeck: Here's Why Major Holders Are Selling Bitcoin En Masse
Long-term Bitcoin holders are selling the cryptocurrency en masse to diversify their profits, according to Martin Hiesboeck, head of research at digital platform Uphold.
According to the expert, investors are realizing that the real revolution isn't Bitcoin at all, but blockchain, which is used almost everywhere. There are many other digital economy projects that promise greater profits than the first cryptocurrency, which still hasn't achieved widespread adoption, said the Uphold analyst.
According to Heisbeck, Bitcoin's growth rate continues to slowly decline, the asset is no longer a high-yield instrument, and is used primarily only “as a hedge against failures in traditional financial systems and fiat currencies.”
The crypto market is maturing thanks to the launch of exchange-traded funds ( ETFs ) for various cryptocurrencies. ETFs facilitate the attraction of less volatile capital. This curbs sharp price fluctuations in virtual coins and, consequently, the rate of growth and capitalization, explained the head of the research department.
Earlier, gold-promoting economist Peter Schiff urged investors and traders to sell Bitcoin as quickly as possible while the leading cryptocurrency remains above $100,000.
Source: cryptonews.net
