News
Ripple CTO clarifies an unexpected post on Bitcoin: details from U.Today
U.Today – In a recent and somewhat unexpected post related to Bitcoin, CTO David Schwartz clarified his thoughts regarding strategies for holding and selling cryptocurrencies.
Schwartz shared an approach based on his personal holdings, 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 explained: “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 previously 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.