Michael Wu: Bitcoin May Need to Drop Further to Attract Institutions Again.
11 Jul 2021, 08:00
Michael Wu: Bitcoin May Need to Drop Further to Attract Institutions Again
Bitcoin has been tanking hard as of late, but according to financial analyst Michael Wu, this presents several benefits that investors are not seeing.
Michael Wu: Institutions May Get Involved Again if BTC Falls FurtherIn recent months, bitcoin hit its highest position yet and was trading for approximately $64,000 per unit. This feat was accomplished in mid-April, though since then, the currency has fallen and lost about half that value, marking one of the biggest drops for the world’s number one digital currency in history.
Prior to this fall, investors were privy to the many institutions that were now choosing to get involved in the digital currency space. Companies such as MicroStrategy and Tesla were investing billions of dollars into the asset, and it really looked like the currency was unstoppable.