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Facebook and the Likes May Start Entering Bitcoin Soon: CryptoQuant CEO

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Wed, 05/12/2021 - 12:15
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Yuri Molchan
CryptoQuant CEO believes BTC fundamentals and institutional demand for Bitcoin remain strong as before; he also reckons Facebook and the Likes may start grabbing BTC soon
Facebook and the Likes May Start Entering Bitcoin Soon: CryptoQuant CEO
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Despite the current Bitcoin correction and BTC trading in the $55,000-$56,000 range, the founder and CEO of analytics platform CryptoQuant, Ki Young Ju, believes that Bitcoin fundamentals remain strong and this correction is purely technical.

He also believes that financial institutions are still after the world's biggest cryptocurrency and have been actively purchasing it via Coinbase.

Facebook and the Likes may start buying BTC, Zuckerberg already has a "Bitcoin" goat

Ki Young Ju has tweeted that financial institutions like Facebook may start buying Bitcoin soon. A lot of companies and hedge funds have already been purchasing BTC via OTC desks at Coinbase.

They are also withdrawing it to cold wallets in Coinbase Custody for long-term storage.

We may see a series of announcements of $BTC purchases from institutions like @Facebook soon.

As reported by U.Today earlier, in a recent FB post, Facebook founder Mark Zuckerberg revealed that he had named one of his two goats Bitcoin (the other one is called Max).

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Image via Facebook

Some in the community took it as a sign that Zuckerberg may soon admit to being an actual Bitcoiner or may choose to put BTC on Facebook's balance sheet.

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Image via Twitter

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Institutions have moved 154,000 BTC to cold wallets from Coinbase

The CryptoQuant CEO has particularly mentioned that financial institutions have been actively purchasing the flagship cryptocurrency since February, as BTC has been trading in the $48,000-$60,000 range.

As per the company's data, during this period, hedge funds and other institutions have bought and withdrawn a staggering 154,000 BTC from Coinbase to cold storage.

That is the equivalent of $8,703,525,600.

Institutional demand for Bitcoin is still strong, Ki Young Ju tweeted, and this trend has not changed.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.