{"id":6280,"date":"2022-08-09T20:43:00","date_gmt":"2022-08-09T20:43:00","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=6280"},"modified":"2022-08-09T20:43:00","modified_gmt":"2022-08-09T20:43:00","slug":"selling-bitcoin-doesnt-mean-youre-not-bullish-cypherpunk-ceo","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=6280","title":{"rendered":"Selling Bitcoin doesn\u2019t mean you\u2019re not bullish: Cypherpunk CEO"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Despite a massive wave of liquidations on the cryptocurrency market, some companies that sold their crypto over the past few months are not bearish on Bitcoin (BTC) at all.<\/p>\n<p>Canada-based investment firm Cypherpunk Holdings was one of the companies that opted to sell crypto amid the crypto winter of 2022, liquidating 100% of its Bitcoin and Ether (ETH) by June. One of the first public companies in the world to ever invest in Bitcoin, Cypherpunk said at the time that it maintained its long-term \u201cbullish outlook on crypto\u201d despite selling all its digital coins.<\/p>\n<p>One may find Cypherpunk\u2019s crypto liquidation somewhat odd as the company\u2019s stock is publicly trading under the ticker symbol HODL on the Toronto Stock Exchange. The acronym is widely used in the crypto community to refer to \u201cHold On for Dear Life,\u201d or the bullish strategy of holding onto Bitcoin no matter what the market circumstances are.<\/p>\n<p>According to Cypherpunk CEO Jeffrey Gao, crypto investors can still remain bullish despite cashing out their crypto from time to time.<\/p>\n<p>\u201cWe&#8217;re in this business because we are net bullish on crypto over the long term,\u201d Gao said in an interview with Cointelegraph. Cypherpunk can go back into Bitcoin or into \u201cany crypto or any basket of crypto\u201d tomorrow if they want, and those are \u200b\u200b\u201dcertainly opportunities\u201d that the firm is actively pursuing, the CEO noted.<\/p>\n<p>Gao said that the industry has seen forced liquidations as even \u201csupposedly the most sophisticated\u201d institutions like Voyager, Three Arrows Capital and Celsius got involved in operations that were \u201ccompletely devoid of risk management.\u201d According to the CEO, the absence or near absence of risk management is what really separates the crypto industry from something that is more mature. Gao added:<\/p>\n<p>\u201cGoing forward, that mentality towards risk management while still being bullish over the long term is very important. [&#8230;] You can be bullish on crypto, but you can still sell out of the market.\u201d<\/p>\n<p>According to Gao, Cypherpunk started the liquidation process in early May, right before the Terra (LUNA) \u2014 now renamed Terra Classic (LUNC) \u2014 network collapse, with the algorithmic stablecoin TerraUSD (formerly UST) losing its U.S. dollar peg on May 10. \u201cBy the time that it happened, we probably offloaded about 30% or 40% of the risk,\u201d Gao said, adding that Cypherpunk then sold another portion when BTC briefly traded above $30,000 in late May. \u201cThe final one-third we probably got rid of was sometime in June,\u201d Gao noted.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Elon Musk: US \u2019past peak inflation\u2019 after Tesla sells 90% of Bitcoin<\/em><\/strong><\/p>\n<p>\u201cWe basically made no progress, but we also avoided much of the capital destruction,\u201d Gao said. He went on to say that he is very optimistic about altcoins like Ether and Solana (SOL), despite some issues with the Solana ecosystem issues in early August. <\/p>\n<p>\u201cOver the longer term, at least at this point in time, I would be more bullish on Bitcoin conservatively than those other tokens. But over the next two or three months, I\u2019m probably more partial towards Ethereum and Solana,\u201d the CEO noted.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/selling-bitcoin-doesn-t-mean-you-re-not-bullish-cypherpunk-ceo\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite a massive wave of liquidations on the cryptocurrency market, some companies that sold their crypto over the past few months are not bearish on Bitcoin (BTC) at all. Canada-based investment firm Cypherpunk Holdings was one of the companies that opted to sell crypto amid the crypto winter of 2022, liquidating 100% of its Bitcoin [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6281,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-6280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6280"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6280\/revisions"}],"predecessor-version":[{"id":6282,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6280\/revisions\/6282"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/6281"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}