Arthur Hayes has outlined in a recent interview why he thinks the price of Bitcoin might have finally reached the bottom.
"Looking forward, pretty much everyone who could go bankrupt has gone bankrupt,” he said in the Dec. 11Hayes elaborates on his stance by explaining that when centralized lending firms have financial troubles, they will often, then sell BTC first because it operates as the “reserve asset of crypto” and “the most pristine asset and the most liquid.”
"When you look at the balance sheet of any of these of the heroes, there's no Bitcoin on it because what do they do, they sold the Bitcoin as they were going bankrupt, they sold the Bitcoin during the wave before they went bankrupt.", explaining that while this"credit crunch is ongoing," large physical sales of BTC are taking place on exchanges from both CELs trying to avoid bankruptcy and trading firms who have had loans recalled and must liquidate their positions.
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