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A crypto analyst says that the strategy of Bitcoin’s cash registers may not have the longevity that many expect, which warns that easy upwards can be behind new companies entering space.
“My instinct is a Bitcoin Treasury Strategy Strategy has a much shorter lifetime than most expects,” the main analyst Glassnode James Check said In the paper X on Friday.
“It could have ended” for the new Bitcoin Treasury Company
“For many new participants, this may have ended,” Check said, adding that it is not “about the measuring competition”, but rather how sustainable the company’s product and strategy is in terms of long -term bitcoins (BTC) accumulation.
Check said it was becoming a battle for a newer bitcoin treasury because investors prefer the first adoptors. “No one wants 50. Treasure company,” Check said.
“I think we are close to the” Show Me “phase, where it will be increasingly difficult for a random company to keep the bonus and get out of the ground without a serious niche.”
In 30 days before Friday, at least 21 Bitcoin subjects added as a reserve asset, according to Bitcointreasries data. The largest public bitcoin treasury, Michael Saylor’s strategy (MSTR), holds 597,325 BTC, while the second largest, Mara Holdings, holds 50,000 BTC-permanently one twelfth.
Check that the beginning bitcoin treasury firms attract retail speculators – but warn that they “do not have endless money”.
The check admitted that it is difficult to set a decline in a decline for newer companies because it is “Bull” at the cost of Bitcoins, which is traded at $ 107,990 at the time of publication, approximately $ 3,70% of $ 111,970, approximately $ 111,970. according to for CoinMarketcap data.
“It’s a spectrum,” he said, explaining that, for example, the strategy has more runways than 300. Bitcoin Ministry of Finance to enter the market.
Check said he agreed to co -founder Taproot Wizards view The fact that some companies use the Bitcoin strategy of cash strategy as a way to make quick profits without fully understanding its long -term purpose.
“Weak” can get larger Bitcoin players
“Many people who collect just see easy money and have no idea what they are doing,” Wizardheimer said.
“I think it will take them some time to find out,” he said, adding:
“The weak could be obtained at a strong discount, and the trend could have a few more legs.”
Recently, there have been several doubts about companies that accept the Bitcoin strategy.
Risk capital companies were argued in June 29 Report that just a few bitcoin checkout Companies will receive the time of time and avoid the vicious “death spiral” that will affect BTC holding companies that trade almost with pure assets (NAV).
Related: The third Bitcoin flop at $ 110,000 threatens bulls: BTC price levels need to be followed
June 11, Fakhul Miah, CEO Gomining InstitutionalCaintelegraph said, “Copycats”.
“Now there are other companies trying to create bitcoin banks without proper guarantees or risk management. If these smaller companies crash, we could see a ripple that hurts the image of bitcoins,” Miah said.
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