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NAIROBI (CoinChapter.com) — Institutional investors have shown confidence in Bitcoin despite market fluctuations. Data from CryptoQuant reveals that institutional players have added over 100,000 BTC to their portfolios over the past month. This trend highlights the long-term value they see in Bitcoin and aligns with anticipation surrounding Trump’s potential BTC Acquisition Policy announcement.
The second largest institutional accumulation process of 2024. Source: CryptoQuant
A notable accumulation occurred in the first week of July, with institutions acquiring approximately 101,600 BTC. Unlike earlier in the year, this buying spree was not driven by fundraising for Bitcoin ETFs. Instead, it reflects a strategic move by large players to buy the dip amid falling prices, indicating strong belief in Bitcoin’s future prospects.
Massive BTC Purchases by Big Companies
Several companies have recently made substantial Bitcoin purchases. Michael Saylor’s MicroStrategy remains a major player, acquiring 11,931 Bitcoins for approximately $780 million between late April and mid-June 2024. This purchase brings MicroStrategy’s total Bitcoin holdings to 226,331 BTC, valued at around $8.33 billion.
Metaplanet purchases an additional 20.38 BTC. Source: Metaplanet
Japanese investment firm Metaplanet has continued its aggressive Bitcoin acquisition strategy.
On July 22, 2024, Metaplanet announced the completion of its 1 billion yen Bitcoin purchase plan. The company bought an additional 200 million yen worth of Bitcoin, totaling 20.381 BTC at an average price of 9,813,061 yen per Bitcoin. This brings Metaplanet’s total Bitcoin holdings to 245.992 BTC, purchased at an average price of 9,959,687 yen per Bitcoin, with an aggregated amount of 2.45 billion yen.
In addition, Semler Scientific, a publicly traded medical device company, adopted Bitcoin as its primary reserve asset. The firm purchased 581 Bitcoins for about $40 million in late May and increased its holdings to 828 BTC. This decision reflects a growing trend among companies to use Bitcoin as a hedge against economic uncertainty.
Trump’s Potential Bitcoin Policy Could Change Everything
Anticipation of Donald Trump’s potential BTC acquisition policy has intensified interest. Trump is expected to announce this policy at the Bitcoin 2024 conference in Nashville on July 27.
Trump’s presence at the Bitcoin 2024 Conference has fueled speculation. Many believe he may endorse Bitcoin as a strategic reserve. Simon Dixon, a Bitcoin investor, confirmed these rumors in a post on X.
Trump’s Potential Bitcoin Policy. Source: X
Dennis Porter, CEO of Satoshi Action Fund, contributed to the speculation in a X post, claiming his sources are credible. Porter emphasized the potential impact, suggesting it could be a “decisive win” for both the U.S. and Bitcoin.
Donald Trump Will Create A U.S. Bitcoin Strategic Reserve. Source: X
Adding to the discussion, Nick Ford shared his vision of how Trump might frame such an announcement. Ford’s hypothetical scenario includes a price prediction, suggesting Bitcoin could hit “$80K in a single candle” following such an announcement.
Bitcoin between November 2016 and November 2020. Source: 10x Research
Markus Thielen, CEO of 10x Research, stated, “There is speculation that Trump may announce the establishment of a U.S. bitcoin strategic reserve during the Bitcoin 2024 conference in Nashville.” Thielen noted that Bitcoin’s price rocketed almost 1,900% during Trump’s first term.
Analyst Thielen added, “The U.S. could strategically incorporate Bitcoin into its reserves, diversifying its portfolio and reducing reliance on traditional assets like gold and foreign currencies.” Thielen noted that the U.S. government currently holds around 212,000 Bitcoin, worth approximately $15 billion, compared to its $600 billion worth of gold reserves.
However, Trump has not yet commented on the matter.
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