Crypto entity moves $227m worth of Bitcoin

LARGE entities in the Bitcoin market are transferring a significant amount of Bitcoin amid the prevailing market volatility in play.

Data retrieved from Whale Alert, an advanced crypto tracker, revealed a large entity transferred 6,925 BTC worth $226,609,828, from an unknown wallet to another unknown wallet.

• At the Bitcoin market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whale.
• This means that a BTC whale would be an individual or business entity (with a single Bitcoin address), that owns around 1000 coins or more.
• As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.

Meaning that over time, it’s possible that as BTC approaches its fixed supply of 21 million – the price of BTC will go up, with BTC’s present demand factored in.

• leading household names in finance that include Paul Tudor Jones and Stanley Druckenmiller endorsed it as an alternative asset, adding to the rally.
• Not forgetting listed U.S brands like MicroStrategy Inc. and Square Inc. that moved their cash reserves into crypto in search of better returns than what near-zero interest rates deliver.

Also, a leading crypto expert, Willy Woo, via his Twitter handle, hinted that Bitcoin’s price could still rally higher on the bias that the “Inventory depletion on spot crypto exchanges has stopped, signifying the re-accumulation phase of this macrocycle is likely to complete. If this cycle mimics the last, inventory on exchanges will increase, as retail starts entering in large numbers, attracted by the price rises.”

Why Bitcoin could triple in value annually

The leader of the biggest traded business intelligence firm, Michael Saylor recently disclosed why he believes the flagship crypto-asset, Bitcoin, could triple in value yearly.

In a Stansberry Research interview, Saylor explained Bitcoin is monetary energy that will attract lots of money;

“In a monetary expansion environment where I crank the monetary inflation rate up by 15%, that $300 trillion has got to find a store of value that’s not a fiat derivative.

“That means that Bitcoin is going to keep growing and its monetary force is going to keep growing and it’s probably going to grow 200% a year until it has demonetized gold, silver, sovereign debt, bond indexes, stock indexes, every source of monetary energy which is just a store of value for someone that doesn’t want to lose their purchasing power and needs a scarce asset,” Saylor said.

Another key macro supporting the bullish bias of Micheal Saylor is data showing the number of addresses holding 1,000 BTC just reached a new all-time high of 2,446.

Over the last 21 days, 141 new whale addresses with over 1k BTC were created, suggesting large entities are expecting a significant price rise for Bitcoin in the near future.

Some days ago, MicroStrategy purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin, showing they hold approximately 70,784 Bitcoin, and thereby making the flagship crypto-asset scarce.

https://nairametrics.com/2021/01/24/crypto-entity-moves-227-million-worth-of-bitcoin/