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02 December 2020

Supply Drought Is Driving Up the Price of Bitcoin: Chainalysis - Decrypt

Supply Drought Is Driving Up the Price of Bitcoin: Chainalysis - Decrypt


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New research from blockchain analytics firm Chainalysis indicates that institutional investors are primarily to thank (or blame, depending on your perspective) for the supply drought and subsequent price increase.

“This is what we would expect to see,” said Chainalysis, “as the institutional investors driving the current surge, themselves primarily based in North America and Europe, are more likely to buy Bitcoin on these exchanges for both ease of use and regulatory reasons.”.

“This, combined with the accumulation of Bitcoin by investor wallets that tend to hold for long periods of time, suggests that first-time Bitcoin buyers and buyers looking to unload fiat currency for Bitcoin as a hedge against worrisome macroeconomic trends are responsible for much of the current demand,” concluded Chainalysis

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