BITCOIN

Bitcoin briefly breaks $28,400! MicroStrategy is about to escape from its predicament, while Ark continues to reduce its holdings of GBTC.

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Bitcoin briefly breaks $28,400! MicroStrategy is about to escape from its predicament, while Ark continues to reduce its holdings of GBTC.

In recent times, with several banks in Europe and the United States facing collapse, investors have lost confidence in the banking system. Decentralized Bitcoin, on the other hand, has become a sought-after asset, soaring from below $20,000 to $28,400, with a gain of over 60% year-to-date.

Michael Saylor, the founder of MicroStrategy known for purchasing Bitcoin, continues to praise Bitcoin on Twitter for its outstanding performance compared to other investment assets over the years.

MicroStrategy's holding of over 130,000 bitcoins is also getting closer to its cost of over 30,000!

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Ark Invest Sells GBTC

Ark Invest, which has been buying the dip, has instead reduced its holdings of Grayscale Bitcoin Trust (GBTC) in the opposite direction. According to data from arktrace, since February of this year, Ark has sold 296,694 shares of GBTC, worth about $4.57 million, but still holds around 5.47 million shares. It is speculated that the recent rise in cryptocurrency prices, coupled with the prospect of Grayscale's transition to an ETF, has led to the discount on GBTC narrowing from 50% to 36.87%.

Is Hyperinflation Happening?

Recently, Bridgewater founder Ray Dalio and BitMEX founder Arthur Hayes have also analyzed recent financial events. Concerns have been raised that central banks around the world are engaging in another form of money printing by monetizing debt securities. Some on Twitter have even initiated bets, claiming that hyperinflation is occurring and that Bitcoin will reach $1 million within 90 days.

Faced with such uncertain circumstances, how can investors ensure that their assets do not shrink? Is Bitcoin the only choice? This is likely to be one of the topics that everyone needs to study carefully in the coming years.