Bitcoin’s recent plunge does not seem to have shaken the investors and data shows that exchange reserves were down to 2.399 million (BTC), which is close to the May all-time low at 2.390 million Bitcoin. Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, said this could result in a “sell-side liquidity crisis on Bitcoin.”
Although Bitcoin has outperformed gold by a huge margin in 2021, Omega Advisors chairman and CEO Lee Cooperman remains averse to investing in it because he said that he does not understand Bitcoin. The billionaire investor still considers gold to be a better store of value.
Daily cryptocurrency market performance. Source: Coin360
A new poll from research and data analytics firm YouGov showed that 43% of baby boomers strongly oppose the idea of Bitcoin being used as legal tender in the United States. However, 44% of respondents in the 25-34 years age group were supportive of Bitcoin as legal tender.
Could Bitcoin’s failure to stage a strong recovery