“In the first decade, Bitcoin was dominated by a bunch of traders with leverage in offshore exchanges and they were speculators. That was one group of people. This year after March you’ve got insurance companies, corporations, treasuries, institutional investors. They are buying this stuff instead of gold. They are buying it to hold it for a decade as an inflation hedge. They are not using leverage, they are not using offshore exchanges, they are not speculators.
https://dailyhodl.com/2021/01/01/michael-saylor-says-hes-bought-2500000000-in-bitcoin-through-microstrategy-and-other-entities/
