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After the plunge, institutions don't believe in Bitcoin anymore



One word from Musk can cause a sharp rise and fall in the cryptocurrency market.

Last week, Musk questioned the energy consumption of Bitcoin and announced that he would stop paying for Tesla with Bitcoin.

Only a month ago, Tesla announced that it would accept Bitcoin as a payment method.

Such vastly different contrasts appear on the same person and the same company, and have brought completely different impacts on the market.

As a result, institutional fund managers have expressed doubts about whether cryptocurrency can be used as a good investment target.

UBS Wealth Management (RSW) said that as cryptocurrencies become more mainstream, we hope to implement stricter regulatory policies, but now the announcements of Musk and Tesla can affect the price of Bitcoin .

Golden Theory of Relativity | CEO of Shanghai Miyi: The 312 plunge requires risk management from multiple dimensions: In the Golden Theory of Relativity held today, Li Peicai, CEO of Shanghai Miyi, said that the difficulties caused by the 312 plunge to miners mainly include the following two :

1: The liquidation crisis of mortgage currency lending. 3.12 The price of the currency plummeted. The first impact was that many miners who chose to pledge 65% of the mortgage loan to bet on the halved market need to call for margin after the currency price fell by 35%. The market fluctuated violently in the leverage vortex. There is no time to make a margin call or reduce exposure. Many miners were forced to close their loan positions at the lowest position.

2: The crisis of mine shutdown. Some mining machines with high power consumption had to be shut down after the price of the currency dropped sharply, and the mining income was not enough for the electricity bill. Misfortunes never come singly, the prices of these machines in the second-hand market have also dropped a lot, for example, after the s9 plummeted this time, the second-hand market prices dropped directly from 600 to more than 100, which is more than the currency price. In contrast, low-power advanced models like the s17 only dropped by 10%. Demonstrated great resilience. All in all, this wave of decline also made miners aware of the potential risks of mining. It is necessary to manage risks from multiple dimensions including model selection, use of leverage, and processing of mined coins. [2020/4/7]

Nicholas Johnson, a commodity investment manager at Pimco, questioned Bitcoin's properties as a hedge against inflation: "Whenever cryptocurrencies go up and gold goes down, Bitcoin advocates say it's a better hedge." Inflation assets. But that’s in hindsight,”

Voice | Opinion: Considering the current wave of CEO resignations and the stock market crash, buying BTC is a good deal now: Netizen CryptoBird said on Twitter that considering the recent wave of Fortune 500 CEO departures, buying Bitcoin now is still a good deal A good deal: "In 2008, CEOs left one after another, and BTC came into being at this time; in 2019-2020, global CEOs quickly stepped down again, and the Dow Jones index showed a bear market divergence. History will not repeat itself, but there are often commonalities. Friends , Bitcoin is kind of cheap right now.” The wave of CEO resignations that appears to have happened right before the stock market crash of 2008 spurred the current stock market liquidation, driving the formation of safe havens like the U.S. dollar, gold and Bitcoin. Once the economic recession is ushered in now, considering the current situation, the best course of action is to accumulate safe-haven assets such as Bitcoin. (Coin Gape)[2020/2/27]

Rob Sharps, president and investment director of T. Rowe Price, said that cryptocurrencies are closely related to the entire capital market, but ultimately he does not recommend clients to invest in cryptocurrencies because it is a highly speculative asset.

News | The report shows that the sluggish cryptocurrency market has led to a sharp drop in the discrete graphics card market: According to KuaiTech 2018, Jon Peddie Research released a statistical report on the discrete graphics card market in the second quarter of 2018. Since the second quarter, with the sluggish cryptocurrency market and tightened regulations, the discrete graphics card market has also been impacted, and shipments quickly fell to about 11 million units, a quarter-on-quarter drop of 28%, far lower than the average of 9.8% in previous years. [2018/9/8]

Tom Jessop, head of digital assets at Fidelity Investments, said that cryptocurrencies are becoming more and more recognized and accepted, but crypto asset investing is still in its early days. "We see bitcoin as an ideal store of value, but it's still in its early stages of development in terms of its high volatility. But if investors are willing to bear the volatility, then bitcoin can be a long-term venture capital opportunities.”

Jason Pride, chief investment officer of private wealth at investment management firm Glenmede Investment Management, judged that neither the Federal Reserve nor other regulators would support cryptocurrencies. Since the beginning of this year, the SEC (United States Securities and Exchange Commission) has repeatedly questioned the security of Bitcoin, and the approval of Bitcoin ETF is still far away.

Pride also believes that Bitcoin is not a good diversification investment, because whenever the stock sells off heavily, so does Bitcoin.

The current market value of Bitcoin is close to 0.85 trillion U.S. dollars, having previously exceeded 1 trillion U.S. dollars. With such a high market capitalization, it means that it is difficult to view Bitcoin independently of other mainstream markets.

Viraj Patel, an analyst at Vanda Research, said that watching retail investors in the cryptocurrency market is as important as paying attention to bond managers. Because if millennials are buying bitcoin, does that mean they will buy less highly valued US stocks.

According to data released on Monday by cryptocurrency asset management company CoinShares, outflows from bitcoin products and funds under its management reached a record $98 million.

However, so far this year, it has seen net inflows of $4.3 billion in bitcoin assets under management, and in 2020, this figure is $15.6 billion.

As of this writing, according to CoinMarketCap, Bitcoin was trading at $45,060.82, up 3.98% today.


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