Exchange-traded funds (ETFs), governments, and MicroStrategy (MSTR) collectively own almost one-third of all known Bitcoin (BTC) holdings.
According to Ki Young Ju, the founder and CEO of CryptoQuant, the 31% share of known BTC holdings owned by ETFs, governments, and MicroStrategy represents a 14% increase from December 2023.
Ki Young Ju also emphasized the significance of MicroStrategy’s BTC holdings, stating, “Different forms of money require distinct gateways. Bitcoiners should recognize MSTR as a gateway bridging Nasdaq-100 money to Bitcoin. I don’t understand why some Bitcoiners dislike MSTR. They might raise concerns about self-custody, but very few people actually practice self-custody — just as only a few care about privacy breaches. MSTR’s Bitcoin bank model aligns well with the current adoption level. If the gateway’s active fund management enables the acquisition of a significant amount of Bitcoin with relatively little capital, that marks the success of a Bitcoin bank. Of course, there is always the risk of failure, so one should view it as entrusting funds to a bank with the goal of gaining more Bitcoin, using Bitcoin itself as the form of money.”
At the time of writing, Bitcoin is trading at $93,895, experiencing a decrease of nearly 2% in the past 24 hours. The top-ranked crypto asset by market cap continues to be volatile.
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors are advised to conduct thorough research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. All transfers and trades are done at the individual’s own risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, and is not a financial advisor. Please be aware that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Don White – Art Dreamer/Vladimir Sazonov
