The price of Bitcoin has been on a roller coaster ride this week. However, according to on-chain data, institutions continue to buy Bitcoin, despite volatility and bearish market sentiment in the short term.
Data from online data site Glassnode shows that the number of addresses with 1,000 or more bitcoins (often called “whales”) continued to rise this week as the price of bitcoin fell.
Plummeting below $ 30,000 on Thursday. The count of such addresses declined in late December and has rocketed again since early 2021.
Now, despite the recent drop, the data released by Glassnode does indeed suggest that institutions continue to buy Bitcoin despite the recent volatility not only for the main cryptocurrency in the market, but also for the rest of the cryptos in general.
Harvard’s Kenneth Rogoff Calls BTC “Dystopia Protection”
Often touted as a store of value or a hedge asset, BTC has gained significant mainstream adoption in recent months. However, Kenneth Rogoff, a professor of public policy and economics at Harvard University, doubts the asset’s success.
“I can see that BTC is being used in failed states.” Rogoff said in an interview with Bloomberg on Thursday, adding:
“It’s conceivable, you know, it could have some use in a dystopian future, but I think governments are not going to allow pseudonymous transactions on a large scale. They just won’t allow them. The regulation will go into effect. The government will win. It doesn’t matter what the technology is.
Bitcoin has withstood a fair amount of criticism throughout its 12-year history.
Gold advocate Peter Schiff often comments against the technology. For his part, the investor, Warren Buffett, once referred to the asset as “probably rat poison squared.”
And, financial commentator Dennis Gartman expressed his skepticism towards Bitcoin in late 2020, just to name a few examples.
Samsung Discusses $ 10 Billion Chip Manufacturing Facility In Texas
Samsung is considering financing a chip manufacturing plant based in Austin, Texas. With “more than USD 10 billion.” According to a Bloomberg report.
Sources told Bloomberg that the technology company plans to have its facilities capable of making three-nanometer chips in the future.
The exact amount of spending could fluctuate, but Samsung is competing to bring back to the US some of the chip-making market share currently controlled by Asian markets.
In the future, this could have positive effects on the supply chain stresses suffered by manufacturers of bitcoin mining machines. Who regularly struggle to obtain a constant and sufficient quantity of chips from foundries.
Coinbase now has more than $ 90 billion in assets on the platform
Coinbase saw tremendous growth in 2020 as bitcoin rallied to close the year.
New numbers posted on Coinbase’s page on Friday show that the exchange now has more than $ 90 billion in assets on the platform. And more than 43 million registered users.
The updated figures were compiled as part of Coinbase’s 2020 review and are current as of December 31, 2020.
“In this report, we take you on a comprehensive tour of the crypto asset class, sharing our unique perspective on how and why these institutions are engaging with the market.” Brian Foster of Coinbase Institutional wrote in the report’s cover letter.
Coinbase’s increase in assets is likely driven by companies like MicroStrategy, Ruffer Investment, and other institutions that have used the exchange’s main brokerage service to make large bitcoin purchases in recent months.