CZ: BTC is more like a reserve asset than a transaction currency. A lot of new funds are buying ETFs but are not reflected on the chain.
02-16 05:32
<p>Odaily News Regarding the statement that “BTC on-chain transaction volume is far from the 2021 level”, CZ wrote on X: “My intuition is that due to high fees and long block times, BTC is now more of a reserve asset than a transaction currency. A lot of new funds are buying ETFs, which are not reflected in on-chain transactions. I may be wrong.”</p>
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