An increasing number of mainstream giants have put their money into Bitcoin in recent months. While some speculate that these firms intend to hold their Bitcoin investments for years, Bitpay’s chief commercial officer isn’t so sure. He thinks that these companies may sell their holdings sooner than originally planned, if the price continues to move upward.
“A lot of the institutional buyers bought in around $20,000, so that would be my floor for how far Bitcoin could go down,” Sonny Singh said in an interview with Bloomberg on Monday, following a bout of downward Bitcoin price action.
“All those buyers that bought in, they said ‘Oh were into Bitcoin now for a three to five year time horizon,’ which is great, but I think if Bitcoin hits $45,000 next month or so, they’re going to say, ‘wow we just made 2x, you know, we don’t need that three year horizon anymore, let’s start selling some.’”
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