An increasing number of mainstream giants have put their money into Bitcoin in recent months. While some speculate that these firms intend to hold their Bitcoin investments for years, Bitpay’s chief commercial officer isn't so sure. He thinks that these companies may sell their holdings sooner than originally planned, if the price continues to move upward.
“A lot of the institutional buyers bought in around $20,000, so that would be my floor for how far Bitcoin could go down,” Sonny Singh said in an interview with Bloomberg on Monday, following a bout of downward Bitcoin price action.