$BTC
🚨BULLISH: Sovereign wealth funds are reportedly selling GOLD to buy Bitcoin.
Bitwise's head of research Ryan Rasmussen says major institutions increasingly hold Bitcoin alongside gold as a hedge against currency debasement.
The firm's first institutional survey found none of the 15 major institutions it interviewed sold their crypto as Bitcoin fell from about $125,000 to $60,000.
Several bought more.
One sovereign wealth fund told Bitwise it was funding its crypto allocation by selling foreign exchange and gold reserves.
Rasmussen says he believes $60,000 was the bottom.
#CryptoNews
🚨BULLISH: Sovereign wealth funds are reportedly selling GOLD to buy Bitcoin.
Bitwise's head of research Ryan Rasmussen says major institutions increasingly hold Bitcoin alongside gold as a hedge against currency debasement.
The firm's first institutional survey found none of the 15 major institutions it interviewed sold their crypto as Bitcoin fell from about $125,000 to $60,000.
Several bought more.
One sovereign wealth fund told Bitwise it was funding its crypto allocation by selling foreign exchange and gold reserves.
Rasmussen says he believes $60,000 was the bottom.
#CryptoNews
