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Ripple CTO Clarifies Unexpected Bitcoin Post: Details
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In a recent and somewhat unexpected post related to Bitcoin, CTO of Ripple David Schwartz has clarified his thoughts regarding cryptocurrency holding and selling strategies.
Schwartz shared an approach based on his personal holdings in Bitcoin, shedding light on the behavior of early Bitcoin investors, particularly those from the early days of the cryptocurrency’s rise.
Ripple’s CTO said, “When I was long Bitcoin, I sold when I needed something: pay taxes, buy a new computer, etc.,” shedding light on his crypto strategy.
During Bitcoin’s first significant bull run, many businesses began accepting it as payment, with Schwartz highlighting the tendency of early miners and buyers to liquidate their holdings for real-world spending.
“More and more companies got into Bitcoin during the first big bull run precisely because that’s what everyone (early miners/buyers) was doing,” Schwartz noted.
To spark discussion, Schwartz had previously proposed a thought-provoking scenario involving two hypothetical Bitcoin holders: Alice, who has recently sold a lot of Bitcoin, and Bill, who has sold none. The question asked was, “Which Bitcoin is most likely to be very long?”
This question sparked a long discussion thread on X, as it touched on the essence of what it means to be “long” on a particular cryptocurrency.
In response to the speculation sparked by his initial post, Schwartz he elaborated: “As long as you acquire and sell slowly, you are long. Someone who consistently continues to sell a lot must be very long or constantly buying.”
Schwartz, however, agrees with the premise that when all holdings are sold, it will represent an exit rather than a “long” position.
As before reported, Schwartz revealed some insights into his holdings in XRP and BTC. Schwartz revealed that he has sold some Bitcoin (BTC) holdings in the past and that at the height of his holdings he owned approximately 26 million XRP.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analyzes and trading predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.