Matt Hougan, Chief Investment Officer at Bitwise, attributes Bitcoin's recent 20% rally primarily to the accumulation efforts of Michael Saylor's company, Strategy. Over the past eight weeks, Strategy has acquired $7.2 billion worth of Bitcoin, significantly influencing the market. Currently, Strategy holds 818,334 Bitcoin, surpassing BlackRock's holdings.
Despite Bitcoin ETFs purchasing $380 million since March 1 and increased activity from long-term holders, Strategy's aggressive buying remains the key driver. Hougan highlighted that Strategy funded its Bitcoin purchases through the issuance of perpetual preferred shares, STRC. With Bitcoin's price around $76,486, Strategy's holdings could potentially surpass those of Bitcoin's creator, Satoshi Nakamoto, within two years.
Bitwise CIO Credits Strategy's $7.2 Billion Bitcoin Accumulation for 20% Rally
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