Cipolaro published the comments after bitcoin (BTC) tumbled from a record high above $64,000 last week to as low as $51,541 early Sunday. The largest cryptocurrency was changing hands around $55,400 as of 4:37 UTC (12:37 p.m. ET).
Bitcoin’s price is still up 89% this year amid speculation that big investors are using the largest cryptocurrency as a hedge against inflation following trillions of dollars of coronavirus-related economic stimulus over the past year by governments and central banks around the world.
“Institutional investors have had a buy-the-dip mentality during these risk-off events, suggesting increasing ease with handling bitcoin’s volatility,” wrote Cipolaro.
First published on: Coindesk