Bitcoin is a representative virtual currency ($BTC) has been trading erratically recently, but remains above $75,000.
While it was stated that $BTC For this rally to continue, it needs to break above $80,000 and stay there, Bitwise’s CIO explained the real reason behind the recent rally.
Bitwise Chief Investment Officer Matt Hogan said the main reason for Bitcoin’s recent rally is Strategy’s continued buying strategy.
Bitwise CIO Matt Hogan recently said that Bitcoin treasury firm Strategy is the “biggest factor” in Bitcoin’s recent recovery.
Hogan acknowledges that purchases by Bitcoin ETFs and large investors have contributed to Bitcoin’s recent surge, but argues that the main driver was continued purchases by Michael Saylor’s firm Strategy.
At this point, Hogan noted that Strategy has added $7.2 billion worth of Bitcoin to its portfolio in the past eight weeks.
“Yes, multiple factors have contributed to the recent rally. These include strong buying from ETFs and new purchases by long-term investors. But the biggest factor from the beginning has been strategy.”
Hogan added that the company expects purchases to continue for some time, supported by STRC exports.
Strategy, the largest listed institutional Bitcoin holder, makes weekly purchases. This time, the company acquired 3,273 shares between April 20th and 26th. $BTC Acquired for $255 million, bringing total holdings to $818,334 $BTC. With this acquisition, the company now has approximately 812,300 employees. $BTC It is held on behalf of its clients by global asset management firm BlackRock.
*This is not investment advice.
