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The decline in Bitcoin affected all investors. However, institutional investors holding large amounts of Bitcoin suffered even greater losses.
At this point, Strategy, the largest institutional Bitcoin holder, has incurred losses of approximately $5 billion.
However, despite the price drops and losses incurred, Strategy continues to buy Bitcoin.
Strategy founder Michael Saylor said they would continue buying, while one analyst said Strategy should stop buying Bitcoin.
CryptoQuant senior analyst Julio Moreno said at this stage that Strategy (MSTR), the largest institutional Bitcoin holder, should temporarily stop its purchases.
According to Moreno, Bitcoin is a “batter market” and that Strategy should recognize the current bear market so it temporarily suspends its buying activities because of an ongoing suspension of trading activity by Strategy.
Analyst said Strategy should wait for market conditions to improve before continuing Bitcoin purchases. He said ‘It could take several months to improve market conditions, and that it is not the right way to continue buying at market peaks.
The analyst recommended holding onto cash during a bear market and investing when a bull market begins.
The company will continue to buy $BTC every quarter and has no intention of selling its Bitcoin holdings,’ Michael Saylor said in a statement.
With this latest purchase, Strategy now owns 714,644 $BTC, worth approximately $54.35 billion. The average purchase cost is $76,056.
*This is not investment advice.
Thanks for reading Big Bitcoin (BTC) Bull Michael Saylor Shows No Resistance! But a Top Analyst Warns! “Stop Now!”
