Bitcoin's recent 20% rally is primarily attributed to Strategy's substantial acquisition, according to Bitwise CIO Matt Hougan. Strategy, led by Michael Saylor, has added $7.2 billion worth of Bitcoin over the past eight weeks, significantly influencing the market. This purchase dwarfs the $380 million acquired by Bitcoin ETFs since March 1 and marks a notable increase in long-term holder activity.
Strategy now holds 818,334 Bitcoin, surpassing BlackRock's holdings. The company financed its Bitcoin purchases through the issuance of perpetual preferred shares, STRC. With Bitcoin currently priced at approximately $76,486, Hougan suggests that if the upward trend continues, Strategy's holdings could surpass those of Bitcoin's creator, Satoshi Nakamoto, within two years.
Bitwise CIO Credits Strategy's $7.2 Billion Bitcoin Purchase for 20% Rally
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