One of the most important debates within the crypto community concerns the usefulness of Bitcoin for its users. This is not a minor issue, while some users maintain that cryptocurrency should be the replacement for traditional fiat money. For others, the objective of Bitcoin is to be the equivalent of gold in the digital world, that is, an asset store of value. And today, this latest theory seems to be winning, as shown by the fact that 11,900 Bitcoins are withdrawn from Coinbase to cold wallets, commented by the Bitcoin Archive account in the Tweet of the day:
11,900 Bitcoins leave Coinbase
For a long time, big financial firms and investment banks looked down on Bitcoin as an asset store of value. Considering it as a speculative product without an underlying real value, and therefore too unsafe to invest in it. However, in recent times this trend has been changing little by little.
Thus, even before the start of this latest major Bitcoin bull rally, large institutional investors began acquiring millions of dollars in Bitcoin. While traditional companies like MicroStrategy were also entering the crypto market. Not doing it with the aim of making quick profits with crypto assets. If not, on the contrary, as a long-term investment method.
This trend towards using Bitcoin as a store of value asset has only increased over time. With purchases like that of Tesla, a company that invested 1.5 billion dollars in BTC. Or movements such as the exit of 11,900 Bitcoins withdrawn from Coinbase to cold wallets, much safer to hold cryptocurrencies for long periods of time. As the Bitcoin Archive account commented:
«$ 716M #Bitcoin just moved from Coinbase to cold wallets. Another 11,900 BTC out of the market».
In this way, we see how the function of Bitcoin as an asset store of value begins to consolidate among large investors. Which, at the end of the day, translates into pressure in favor of an increase in the price of the cryptocurrency. Well, the exit of these BTC from the exchanges means that for now they will not swell the offer of the virtual currency.