Bitcoin Miners are Hoarding, Demand Is Rising

Now that the bitcoin price is holding at the $8,000 level, investors are anxiously awaiting what comes next. Bitcoin’s value has expanded by 50% over the last 30 days, but the bulls are currently taking a breather and momentum appears to have stalled.

Crypto fund manager Brian Kelly on CNBC provided some anecdotal evidence that the bitcoin price is only getting started, not the least of which is that miners are reportedly hoarding bitcoin rather than directing it toward total circulation, which is helping to fuel gains in the BTC price.

Kelly explains that he has had discussions with bitcoin miners globally and they have liquidated enough of their BTC rewards to keep operations running for roughly the next 12 months.


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Author: Neo Anderson

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