HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Bitcoin bull Willy Woo says many more hefty BTC purchases are on the way and here’s why

Bitcoin 2020/10/13 14:22 by Erie Maxwell
Warren Buffett Will Buy Bitcoin Soon, Says Morgan Creek’s Jason Williams

After the Jack Dorsey led financial services company, Square announced its purchase of 50 million dollars worth of Bitcoin, the cryptocurrency markets saw a surge of around 5 percent.

Bitcoin analyst Willy Woo sees the move by Square as a precursor to a whole wave of high powered buyers that will be rushing into the cryptocurrency sector.

“Square’s buy of 4,709 BTC and Microstrategy’s 38,250 BTC is the tip of the iceberg. The last 8 months has seen a reduction of 250,000 BTC in the speculative stockpile sitting on exchanges signalling many other *unannounced* investors have been scooping coins off the market.”

Just days ago, Woo tweeted that there were signs of a wave of new buyers coming into the Bitcoin market.

“When coins on spot exchanges drop, it’s a sign that new buyers are coming in to scoop coins off the markets and moving them into cold storage HODL, we are seeing new HODLers right now. Very macro bullish.”

And Willy Woo thinks big companies aren’t the only forces that will be moving the market. He says other whales will be joining in as well. He explains that within the networks of CEOs and other captains of the industry, are other wealthy and aggressive investors who are interested in new ways to invest their money.

“BTW, it’s likely much of the coins being scooped up are from many HNW individuals based on the number of new participants coming in.”

Woo opines that HNWs or high net worth folks will be following suit with the heavy hitters like Square.

For years, cryptocurrency enthusiasts have been clamoring for major companies to jump into the Bitcoin scene. If major industry leaders begin to trade their dollars for BTC, a clear signal would be sent that big-time players are starting to recognize the value of bitcoin.

0 Like(s)



You should also read...

Bitcoin 02/12/19 13:00 by Nick Chong
Under 6.8m Bitcoin Changed Hands in the Past Year: Does it Indicate Positive Sentiment?
One of the many beauties of Bitcoin is that the blockchain backing it is simultaneously pseudonymous and transparent, meaning that you can look into, say, the number of BTC in existence but not know w...
Read More
Altcoins 14/12/19 13:00 by Nick Chong
Could Bitcoin Price Press Higher as PlusToken Liquidations Slow?
Over the past few months, the crypto industry has been awash with news about the PlusToken Bitcoin scam, which allowed scammers to accrue billions worth of digital assets over the course of a year-lon...
Read More
Bitcoin 20/07/20 03:00 by Cole Petersen
It’s “Open Air” for Bitcoin Down to $7,000 as Technical Weakness Mounts
Bitcoin has been flashing some signs of technical weakness as it hovers above the lower boundary of its long-held trading range between $9,000 and $10,000. Its inability to stabilize above the support...
Read More
Bitcoin 28/10/20 03:52 by Joseph Young
Bitcoin Futures Funding Rate is Going Negative Even as Price Skyrockets
The funding rate of the Bitcoin (BTC) futures market is turning negative as the price of BTC surges. The trend indicates that short contracts are getting squeezed as the dominant cryptocurrency rises....
Read More
Bitcoin 11/11/20 18:42 by Tony Spilotro
Bitcoin Rally Seemingly Unstoppable, Revisits Recent High Around $16K
Bitcoin price continues to be propelled higher from aggressive dip buyers looking to ride the new bull market beyond $20K. But first, the cryptocurrency has to get through just under $16K where it was...
Read More