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Bitcoin Crash doesn’t Affect Major Investors

Crypto investors don’t care about Bitcoin’s crash.

Institutional investors are widely assumed to be responsible for Bitcoin’s bull run, which has lifted the price from $10,500 by the start of October to highs of $40,000 last week.

But what goes around comes around. So when the CIO of Guggenheim Investments – the hedge fund that in November announced intentions to invest $530M into bitcoin – Scott Minerd, tweeted that “Bitcoin’s parabolic rise is unsustainable in the near term” the price eventually dropped. And it is all the way down to $30,538 according to a data from Messari.

What do Minerd’s contemporaries, whose confidence in digital gold drew driven by investors?

Anthony Scaramucci, Trump’s short-lived communications director who was the driving force behind the SkyBridge Bitcoin Fund for accredited investors, tweeted that he was “all in” on Bitcoin, “especially on this dip.”

Nic Carter, a chronic Bitcoin bull and founder of Castle Island Ventures, disclosed after the crash that neither the money nor the prospect of losing it brought him happiness. He tweeted that he “felt nothing at 40k and I continue to feel nothing. Maybe i’ll feel something at 100k?”

“After watching bitcoin plunge 50% to 3k in 24h in an apparently “mature” market last year nothing fazes me anymore,” he continued.

Others are also unbaffled by the crash.

The CIO of Arcane Assets, a crypto fund that invests rich people’s money, Eric Wall, said that the crash is “just noise.”

“I’d feel concerned if we dropped below $18-16k,” he said. Not like Carter, Wall has felt something: he was “overcome with euphoria” when Bitcoin hit $30,000, he stated. 

And Wall assumes that the bull run is expected to continue. “Zooming out, the fact that bitcoin can “crash” to $30k is very bullish and it is hard to overstate,” he said. In other words, since the asset was worth around less than $20,000 a month ago, this is a good problem to experience.

Wall continued: “There’s a fundamental phenomenon going on where bitcoin is getting realized as a real asset class comparable to gold. That’s a trend that has only just been kicked in motion.”

The head of research at Bequant, a crypto prime brokerage that services institutional investors, dodged all the questions about his feelings. He stated, “Crypto native funds are usually accustomed to spikes in volatility.” Additionally, he said, “Animal spirits are well and alive” as his customers bought the drop.

Institutions and corporations “appear to be unfazed by this elevated volatility, he continued. 

What will it take to get through these men’s hearts, which they so bullheaded pretend are forged from steel?

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