Digital currency trader and entrepreneur, Willy Woo asserts that it is high net worth individuals who are behind the Bitcoin’s surge at the moment, calling it a stealth phase of the growth.
Well-known cryptocurrency trader Willy Woo has tweeted that presently the key absorbers of BTC are “new smart money.”
In the last couple of days, the largest cryptocurrency by market cap, Bitcoin crossed the crucial resistance level of fifteen thousand USD and jumped to 15,950 USD. At press time, Bitcoin is changing hands at 15,376 USD, according to data shared by CoinMarketCap. Thus, over the past 7 days, BTC is up 12.5%.
Renowned trader, investor and entrepreneur Willy Woo has taken to his Twitter page to offer one more reason why the topmost cryptocurrency has been surging lately.
Offering charts from Glassnode, Woo mentions that it is primarily “new smart money” that has been engrossing Bitcoin lately. However, he did not state Microstrategy and Square, which have been on everyone’s mouth in the cryptosphere recently.
Furthermore, even JP Morgan has recently mentioned that investors are now keener to get into BTC (by means of Grayscale) than into gold. Nevertheless, apart from public corporations like Microstrategy,and Square there are several other businesses that are grabbing Bitcoin.
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