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Coin Stories with Natalie Brunell
News Block: Bitcoin Rally Retreats, Home Alone Grocery Prices Up 248%, Wealth Transfer of $84 Trillion Will Boost Bitcoin, TradFi Says “Get off Zero"
Dec 12, 2023
10:44
Snipd AI
Jamie Dimon, CEO of JPMorgan Chase, discusses the resistance faced by Bitcoin from established institutions. The podcast explores Bitcoin's potential in investment portfolios, inflation and income disparity, and the appeal of Bitcoin to younger generations.
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Quick takeaways
- Long-term investors continue to hold onto Bitcoin despite recent price declines.
- Increasing interest in Bitcoin among younger generations could result in significant buying pressure for the crypto markets.
Deep dives
Bitcoin price decline due to short-term trader activity
Bitcoin experienced a price decline, erasing last week's gains, which can be attributed to short-term traders taking profits. On-chain analysis from the ETC Group reveals that the volume of Bitcoin in profit being transferred to exchanges by short-term holders has reached its highest level since July. However, this is a normal occurrence after significant price increases, as observed during the 2017 bull market. On the other hand, the supply of coins that have not moved for over a year remains at a record high, indicating that long-term investors are still holding on to their Bitcoin.
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