If Billionaires Are Buying Bitcoin Hand Over Fist, Why Isn't the Price of Bitcoin Soaring?
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Billionaires are buying as much Bitcoin (CRYPTO: BTC) as they possibly can. Michael Saylor, founder and executive chairman of Strategy (NASDAQ: MSTR), seemingly makes a new Bitcoin purchase every week. Other billionaires are embracing the Bitcoin treasury company model to buy Bitcoin for their companies.In theory, all of that new buying pressure should be sending Bitcoin to the stratosphere. But Bitcoin still trades for less than $110,000, short of its record high of about $112,000. Ever since it hit that all-time high in May, Bitcoin has barely budged. So why isn't the price of Bitcoin soaring?The easiest answer, of course, is macroeconomic uncertainty about the Trump administration's proposed trade tariffs. In April, President Donald Trump promised "90 deals in 90 days," and it's now looking like that's not going to happen. So tariff uncertainty is not going away anytime soon.Continue readingWeiter zum vollständigen Artikel bei MotleyFool
Quelle: MotleyFool