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Riga, Latvia-Bitcoin Whales hang on their coins, Murad Mahmudov, hedge fund manager, told the public this weekend at Baltic Honeybadger, a Bitcoin conference.
Mahmudov, based in Azerbaijan, former analyst at Goldman Sachs and one of the most respected crypto researchers in the industry, referred to the crypto hedge fund analysis, Adaptive capital, where he is responsible for the investment.
"We found that the big bitcoin holders did not sell or move their parts in the last two months," Mahmudov said. "Yes, the price can go up or down in the short term, but we are also very optimistic in the medium term," he added.
The search was just one of the most 50 "positive catalysts" of the Bitcoin advancement that Mahmudov claimed to have identified and shared with the public.
They included: a steady reduction in the volatility of bitcoins; deterioration of trust in institutions such as the government and banks; attempts to prohibit the use of cash; increasing global debt and wealth inequalities; the growing strength and development of Bitcoin network and infrastructure; the growing penetration of the internet and smartphones, and even the growth of the Bitcoin memes.
Decipher After talking with Mahmudov, he asked which of the catalysts he considered to be the most important.
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"The elimination of cash and probably a push for deeper negative rates will probably be the two most powerful forces out of the 50 that I mentioned," he said.
"In terms of price, it will really be the big holders of capital that will further determine the future of Bitcoin," he said. "I think they're going to be looking for alternative assets very soon, and bitcoin is very likely to fill the void."
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