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"Holdings are subject to market conditions." You're definitely right. The adoption must be at individual levels.

Just seems suspicious. Kudos for them for investing in BTC, but they are doing it only to preserve their fiat value. If the value tanks a bit, shit will hit the fan.

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All corporates are hoarding bitcoin just for maintaining their fiat value. It's sad but true.

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Yes. But because they are hoarding, it is stabilizing the price.

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