By Harry - Bitcoin Expert - 03-11-2021
Bitcoin (BTC)whales are once again buying Bitcoin in bulk during inflation fears. Reportedly, BTC whales have collected around 142,000 Bitcoin investments last week alone. More statistics were researched and posted by CoinDesk and Chainalysis, who have discovered that the whales have since bought a total of about 200,000 BTC which is a record high for whale holdings. In the market intelligence report, Chainalysis stated that whales buying the cryptocurrency giant during inflation fears further proves how Bitcoin is classed as Digital Gold. Moreover, the company went on to say that it appears institutional investors are holding BTC as a long-term investment.
Proving that the market is expecting long-term inflation, CoinDesk has reported that the breakeven rate over the last 10 years had hit a decade high of 2.64%. Despite inflation, Bitcoin is having a great time as it hits its year-high of $67,000 per BTC. Part of the reason for the price of Bitcoin increase dramatically is due to the release of the first ever Bitcoin Futures exchange-traded fund (ETF). Many investors are boosting Bitcoin investing as they recommend their followers to put their money in BTC. One investor in particular, Paul Tudor Jones has described Bitcoin as a potential “wonderful hedge” during times of inflation. Jones had stated that it appears that Bitcoin is currently winning against gold. Many other popular investors such as Dawn Fitzpatrick, CEO of Soros Fund, invests in Bitcoin with the belief that it will be globally popular.