Who is still buying Bitcoin after the “519” crash?

On the evening of May 19th, Beijing time, the cryptocurrency market experienced a sharp drop. Bitcoin once fell below $31,000, and Ethereum (ETH) fell below the $2,000 mark, a drop of more than 40%. The cryptocurrency market was once "bloody". It is worth noting that since the "519 crash", there are still many people who continue to be optimistic about Bitcoin and continue to buy it.

Wu Jihan launched a poll on Twitter, asking what you were doing in the past hour. The final number of votes was 1,098, with 36.6% choosing to buy, 8.5% choosing to sell, 5.6% choosing to both buy and sell, and the remaining 49.3% choosing to wait and see, neither buying nor selling.

Then, on May 20, TRON founder Justin Sun announced on social media that he had spent more than $280 million on buying Bitcoin and Ethereum. On domestic social media, he continued to shout, "It's time for the cryptocurrency market to protect us." While announcing his purchase amount, he emphasized, "It's not about the amount of money! It's about the attitude! Please know!"

On May 20, Delano Saporu, founder and CEO of New Street Advisors Group, said that for investors with a long-term vision, this is actually a great opportunity to buy at a price that may not be seen again for some time. In addition, Sebastián Serrano, CEO and co-founder of the Argentine crypto exchange Ripio, tweeted: "Today, we bought more than $10 million in Bitcoin and Ethereum (more than 150 BTC and more than 2,000 ETH) for the Ripio Group's treasury."

At the same time, two trading firms said that hedge funds and asset managers have bought Bitcoin on dips. It is reported that Bitcoin has climbed from a low of $30,000 to over $40,000. Aya Kantorovich, head of institutional sales at FalconX, said that TradFi Asset Management is buying its products. In addition, before the market started to rise, Genesis Global Trading had sent a notice to its counterparties, stating that macro funds began to buy at the $35,000 level.

ARK Fund holdings data showed that on May 25, ARK Fund bought 163,699 shares of Grayscale Bitcoin Trust (GBTC) and sold 7,030 shares of Coinbase.

Recently, at the 2021 Bitcoin Conference in Miami, Gemini founder Tyler Winklevoss still said that Bitcoin is still in its early stages. Bitcoin is currently hovering around $1 trillion, and I still think it is at least 10 times as much as here. Even at $35,000, it is a very good buying opportunity in the long run because I think one Bitcoin will be worth $500,000, which may happen in the next five years.

Miami Mayor Francis Suarez gave a speech at the Bitcoin 2021 conference in Miami on June 6. He explained his plan to make Miami the capital of Bitcoin and believed that regulatory issues surrounding cryptocurrencies "will take care of themselves." Moreover, he added that "in the end, there is only one thing to do: buy the dip."

In addition, Miami Mayor Francis Suarez talked about Bitcoin in an interview with CNBC. He revealed that he has Bitcoin and Ethereum in his investment portfolio. He bought Bitcoin at a price of $35,000 to $40,000 and bought ETH at a price of around $1,500.

And recently, according to a recent survey conducted by the Financial Planning Association (FPA) and Financial Planning Magazine, 49% of financial planners said they had received questions from clients about cryptocurrencies in the past six months. In last year's survey, this response rate was only 17%. In addition, 26% of financial planners said they plan to increase their investments or recommendations in cryptocurrencies in the next 12 months. Currently, 14% of financial planners said they invest in or recommend virtual currencies. In 2019 and last year, this percentage was less than 1%.

It is worth mentioning that a survey by cryptocurrency exchange Kraken found that more and more young Australians are frustrated with traditional investments. Nearly a quarter of respondents are worried about the depreciation of traditional cash savings. The study found that 22% of Australians surveyed believe that investing in cryptocurrencies is an easier way to save for a down payment than depositing fiat currency in a bank. Nearly 40% of millennials said that investing in crypto assets is better than investing in real estate.