According to crypto expert, trader, and analyst PlanB, everyone cashing out their Bitcoin now will be losing it to hungry financial institutions. Lately, tech giants such as Square, PayPal, and MicroStrategy have been jostling to stash as much Bitcoin as they can.
Another influencer, WhalePanda, corroborated this line of thought. The duo took to Twitter to express their concerns about financial institutions that are currently hunting for Bitcoin.
PlanB in his tweet said that while traders, altcoin fans, and weak hands are dumping their Bitcoin to take some profits, financial institutions are buying them up. The anonymous expert insists that every Bitcoin acquired by these giants will go into “deep cold storage and stay there for years.”
Meanwhile, WhalePanda noted that hedge funds are trying to accumulate as much Bitcoin as possible while the price is still under $20,000.
As reported by BTCPEERS recently, PayPal and Square are buying every single mined Bitcoin. MicroStrategy, on the other hand, has already acquired $475 million worth of bitcoin and is still planning to raise another $400 million to buy more.