ZB Academy:Skybridge Capital believes that Bitcoin’s outlook is positive

Recently, the U.S. stock market has staged a rare “institution vs retail” drama. The main battlefield between US institutional investors and retail investors is GameStop’s stock. The company is currently the world’s largest retail giant of video games and entertainment software. Its main sales method is offline retail, and its sales objects are games and game peripherals. However, due to the development of online media, fewer and fewer players need to go to the store, so sales growth is slow. The company has continued to lose money and lay off employees in the past few years. American analysts generally predict that it will lose money this year and next. Most institutional investors believe that short selling is the only way to profit from this.

The institution that shorts GameStop is mainly Citron Research, an institution known for making short profits. When GameStop’s transaction price was about $40, the founder of Citron Research stated in his research report that GameStop is a mall retailer on the verge of bankruptcy and predicted that its stock price should fall to $20.

The company’s short-selling behavior aroused dissatisfaction among GameStop fans, and the fans united to “fight” institutional investors. As more and more fans joined, market sentiment began to change. The rise in stock prices further led to increasing losses for speculators who short-sell through securities lending, and they had to buy stocks to stop losses, which further pushed up stock prices. In the final event, Citron Research closed its position at a 100% loss and announced that it would no longer be short-selling.

Anthony Scaramucci, the founder of American hedge fund Skybridge Capital, compared the community’s promotion of stock price increases with Bitcoin. When discussing this matter, he pointed out that this game between institutions and retail investors embodies a spirit of “decentralization”. He believes that the popularity of smartphones and low-cost transactions is also “democratizing” the previously isolated and highly concentrated fund management business. He also believes that the outlook for Bitcoin is positive. Because this phenomenon reflects the guiding ideology behind Bitcoin, that is, financial decentralization.

Some analysts believe that, affected by this, investors’ confidence in Bitcoin has increased significantly, which has allowed Bitcoin to recover from its decline. As of press time, according to ZB.com’s official market data, Bitcoin is currently reported at $33,890, a 24-hour increase of 10.92%, and the 24-hour price range is $30,432 to $34,286. The Ethereum token is currently reported at $1,351, a 24-hour increase of 7.92%, and the 24-hour price range is $1,244 to $1,372.

About ZB Group

ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.

ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank.

Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.

Learn more about ZB Group by visiting www.zb.com