Troy Gayeski, the co-chief investment officer and senior portfolio manager at SkyBridge Capital has recently revealed that he believes a Bitcoin supply shock may be arriving. In accordance with the revelations made in an interview, Gayeski took note of the on-chain signals and revealed that they are indicating that the strong holders are once again accumulating Bitcoin with plans to hold it for a longer period of time.
Troy Gayeski of SkyBridge Capital Says Bitcoin Supply Shock is Round the Corner
As revealed by Gayeski, the holders are purchasing coins from the speculators who got involved in the market when the price of Bitcoin was rising. He said:
“When we look right now at the on-chain, data what is basically telling you is a lot of the strong holders are reasserting themselves and accumulating from those that got into the market late last year. And that it is setting itself up for some type of supply shock, very similar to what we had last October/November.”
It was witnessed back in the month of October when the price of Bitcoin started surgeon following the acceptance of the cryptocurrency by PayPal.
The rally continued till the asset managed to reach its all-time high of $64K in the month of May.
BTC VS. Gold as a Store of Value
After hitting the all-time high, Bitcoin dropped to a low of $30K and at present, it is changing hands between the price range of $30K and $40K.
In addition to this, Gayeski praised Bitcoin and said:
“Bitcoin will be the market leader in terms of a store of value and Ethereum, at least so far, is the market leader in terms of transaction use. So, we have a little diversification there. All in all, we have a 9% position size.”
As reported last month, the fund believes that the price of gold will hit fresh ATHs in the next year, but the investors will get more benefit from investing in Bitcoin