Bitcoin
Ripple CTO Clarifies Unexpected Bitcoin Post: Details by U.Today
U.Today – In a recent and somewhat unexpected post related to Bitcoin, CTO David Schwartz clarified his thoughts on crypto holding and selling strategies.
Schwartz shared an insight into his personal holdings, shedding light on the behavior of early Bitcoin investors, especially those in the early days of the cryptocurrency’s rise.
Ripple’s CTO stated, “When I was long Bitcoin, I sold it when I needed something – to pay taxes, buy a new computer, and so on,” clarifying his crypto strategy.
During Bitcoin’s first significant run, many companies began accepting it as payment, with Schwartz highlighting a tendency for early miners and buyers to liquidate their holdings for real-world expenses.
“More and more companies were adopting Bitcoin during the first big bull run precisely because that was what everyone (the early miners/buyers) was doing,” Schwartz noted.
Shaking up the speech, Schwartz had already presented an intriguing scenario involving two hypothetical Bitcoin holders: Alice, who recently sold a lot of Bitcoin, and Bill, who sold none. The question posed was: “Which is most likely to be a very long Bitcoin?”
This question generated a long discussion thread about
In response to the speculation sparked by his initial post, Schwartz elaborated: “As long as you are slowly acquiring and selling, you are long. Someone who constantly sells a lot must be very long or constantly buying.”
Schwartz, however, agreed with the premise that the moment all holdings are sold, it represents an exit rather than a “long” position.
As previously reported, Schwartz revealed some insights into his XRP and BTC holdings. Schwartz revealed that he had sold some Bitcoin (BTC) holdings in the past and that, at the height of his holdings, he had around 26 million XRP.