The price of Bitcoin (BTC) cratered below $43,000 on Thursday in a selloff that was stoked by the Federal Reserve’s renewed pledge to start unwinding its pandemic stimulus support. For the so-called diamond hand investors among us, the decline presents an attractive entry point to continue accumulating BTC at discount rates.
2021 was the year that institutions and corporations became major movers and shakers in the Bitcoin market. By the end of the year, corporations and investment funds held roughly 1.48 million BTC, which represents 7% of the current circulating supply. Do you think these large, strategic investors are going to get shaken out by FUD?
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The number of publicly-listed companies holding Bitcoin grew in 2021, as more corporate executives began recognizing the digital asset’s value proposition. According to on-chain analyst Willy Woo, corporate treasuries have gained market share from leading spot exchange-traded funds, sending a strong signal that corporations are having a bigger impact on the Bitcoin market.
Since MicroStrategy's "Bitcoin for Corporations" conference in Feb 2021, public companies* holding significant BTC have gained market share from spot ETFs** as a way to access BTC exposure on public equity markets.* MicroStrategy & public mining companies** Mainly Grayscale pic.twitter.com/e18OEfgiEW
Related: Bitcoin could outperform stocks in 2022 amid Fed tightening — Bloomberg analyst
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