PANews reported on February 8 that, according to CoinDesk, hedge fund veteran Gary Bode stated that Bitcoin's nearly 50% drop from its recent high is consistent with its historically sharp but short-lived corrections, rather than a sign of a systemic crisis.
Gary Bode believes the market misinterpreted Kevin Warsh's nomination as a signal of the Federal Reserve tightening policy, and that market expectations, margin calls, and profit-taking by large investors were the main reasons for the sell-off. While whale selling and pressure from Strategy may put downward pressure on prices in the short term, they will not change Bitcoin's supply ceiling or its long-term investment value as a volatile store of value.
