i doubt its a good thing if a billionaire is backing something, i dont think it will matter much anymore
I wonder why you said that. Isn't more money will a project to move much faster? I thought this was a good thing.
It is a good thing as long as he holds his position. We need rich holders as we need poor ones. The only danger is he may create an enormous sell pressure if he decides to leave crypto. As long as he believes in crypto there is nothing to worry about.
i think you guys are confusing what the news means.
it is not saying someone (the billionaire) bought bitcoin or any cryptocurrency. it is saying that the person invested "money" in a "company" that is going to offer cryptocurrency related services (Bakkt which will have exchange options). so he didn't buy anything to want to sell it and create any kind of sell pressure on the market.
He can still create sell pressure if he decides to dump his position on bakkt.
Just like bitmain going bakrupt would affect bitcoin and other cryptos, he dumping his position would affect us greatly as well. These stuff are connected.
Money leaving crypto companies > sell pressure on crypto
Sometimes it won't be a direct hit as selling bitcoin right away on an exchange but it would still affect us, maybe slowly but it will.
what you are talking about is "psychological" sell pressure and is more about manipulation of the market not a direct sell pressure as in when a whale actually sells real coins on the market. and they are completely different things.
the "psychological" sell pressure can only be effective if the underlying reason is a big one. for example Bitmain that you mentioned is a big deal because it is the biggest ASIC provider, it owns the biggest mining pools which people also associate with having the biggest hashrate (which is partly wrong),... in short they are completely involved with bitcoin so their demise is going to affect bitcoin a lot. but Bakkt is not even yet started! it doesn't exist and it has no affiliated with bitcoin whatsoever YET. not to mention that this dude is not the only investor, Bakkt already has big names investing in it so that this one dude is lost among them. he is not even the biggest one...
