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Ripple CTO Clarifies Unexpected Bitcoin Post: Details

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Sun, 23/06/2024 - 15:14
Ripple CTO Clarifies Unexpected Bitcoin Post: Details
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In a recent and somewhat unexpected Bitcoin-related post, Ripple CTO David Schwartz clarified his thoughts regarding crypto holding and selling strategies.

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Schwartz shared an approach from his personal Bitcoin holdings, shedding light on the behavior of Bitcoin's early investors, particularly those from the early days of the cryptocurrency's rise.

The Ripple CTO stated, "When I was long Bitcoin, I sold when I needed anything — to pay taxes, to buy a new computer, and so on," shedding light on his crypto strategy.

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During Bitcoin's first significant bull run, many companies began accepting it as payment, with Schwartz highlighting a trend by early miners and buyers of liquidating their holdings for real-world expenses.

"More and more companies were taking Bitcoin during the first big bull run precisely because this was what everyone long (early miners/buyers) was doing," Schwartz noted.

Stirring up the discourse, Schwartz had previously posed a thought-provoking scenario involving two hypothetical Bitcoin holders: Alice, who has recently sold a lot of Bitcoin, and Bill, who has not sold any. The question put forth was, "Which is more likely to be very long Bitcoin?"

This question sparked a long discussion thread on X, as it touched upon the essence of what it means to be "long" on a particular cryptocurrency.

In response to the speculation stirred by his initial post, Schwartz elaborated, "The whole time you are slowly both acquiring and selling, you are long. Someone who constantly keeps selling a lot must either be very long or constantly buying."

Schwartz however agreed with the premise that the moment all holdings are being sold, it represents exit rather than being "long."

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As previously reported, Schwartz revealed some insights on his XRP and BTC holdings. Schwartz disclosed selling some Bitcoin (BTC) holdings in the past and that at the pinnacle of his holdings, he had around 26 million XRP.

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