David Schwartz recalled the early days of bitcoin, when the first investors and miners were inclined to sell their cryptocurrency to cover everyday expenses. During the first bullish trend of bitcoin, the market saw an increase in the number of sellers willing to accept cryptocurrency as payment.
"When I had a long position in bitcoins, I sold them when I needed something. For example, when it was necessary to pay taxes, buy a new computer, and so on. This is exactly what almost all the first buyers of bitcoin did," Schwartz told his subscribers.
Ripple's CTO introduced two hypothetical bitcoin holders with names: Alice, who recently sold a lot of bitcoins, and Bill, who did not sell a single coin. Schwartz asked subscribers, "Whose position on bitcoin is longer?" Then he answered the question himself:
"All the time you are slowly buying and selling, you are in a long position. Anyone who continues to sell a lot should either hold a very long position or constantly buy," the top manager of the crypto company advised.
Earlier, the technical director of Ripple said that in the past he had about 26 million XRP coins issued by the company, as well as significant investments in bitcoin. A few years ago, David Schwartz had an argument on social media with the infamous Australian entrepreneur Craig Wright, who proclaimed himself the creator of Bitcoin Satoshi Nakamoto. Wright stated that the XRP cryptocurrency will never be in demand among institutional investors.