A well-known crypto analyst claims that due to the increasing institutional adoption of Bitcoin, the early OGs of Bitcoin are losing confidence in the asset, a statement that has sparked debate in the Bitcoin community.
"Many early whales are losing faith and selling at current prices," Scott Melker, aka 'The Wolf of All Streets', stated in a post on the X platform.
"Numerous reasons" for selling Bitcoin
Melker stated, "Bitcoin is great, but it is clearly accepted to some extent by those it was supposed to hedge against."
While he does not agree, he points out the impact of institutionalization around Bitcoin on its original ideals.
Alpine Foxes founder Mike Alfred disagrees with Melker's view. He pointed out that the decision to sell Bitcoin is often unrelated to the asset itself, but rather a personal choice.
"Ironically, mass adoption without institutional interest is impossible."
Analysts say Bitcoin "belongs to everyone"
Crypto Mags states that Bitcoin is indifferent to friend or foe, applicable to everyone, including governments and Wall Street.
Related: Bitcoin price rebounds to $118K
Matt Hougan, Chief Investment Officer of Bitwise Invest, understands Melker's point but emphasizes that Bitcoin is still revolutionary.
"It is the first money that is globally applicable without relying on a state," Hougan said.
On July 26, an early investor sold 80,000 BTC through Galaxy Digital, which is regarded as one of the largest transactions in crypto history.
Magazine: Robinhood's tokenized stocks spark legal disputes
