Economist and Bitcoin critic Peter Schiff recently commented on the current main sources of Bitcoin demand in his tweet.
Two Key Sources of Demand
According to Peter Schiff, there are currently two major sources of demand for Bitcoin. The first is Strategy's aggressive Bitcoin acquisition led by Michael Saylor. The second is speculation related to the potential creation of a U.S. Strategic Bitcoin Reserve, which could trigger a new arms race.
Strategy's Continued Purchases
Strategy continues to actively buy Bitcoin, which analysts believe supports the market and inspires institutional interest. In recent weeks, the company has made purchases totaling $584.1 million, increasing its stash to 506,137 BTC, approximately 2.4% of total Bitcoin supply.
Rising Institutional Interest
Institutional interest remains a key driver of Bitcoin demand growth. For instance, BlackRock, the world's largest asset manager, is launching a Bitcoin exchange product in Europe. Additionally, Bitcoin investment products saw inflows of $724 million last week.
The revival of demand for Bitcoin is linked to both the actions of individual companies and growing interest from institutional investors. This could significantly influence future market trends.
