Bitcoin held up better than expected after Binance hack, Strive CEO says

Bitcoin has held up better than expected following the $6.3 billion Binance hack, according to Strive CEO Matt Cole, who said the breach does not undermine the cryptocurrency’s long-term investment thesis.

Speaking on Cointelegraph’s Chain Reaction on Friday, Cole said the breach had not changed his long-term investment case for Bitcoin. He compared the attack on Binance’s wallets to a bank robbery rather than a failure of Bitcoin’s network.

Bitcoin traded near $77,400 at 4:00 pm on Saturday, about 4% below its price shortly before the attack began Thursday, according to CoinGecko data.

Strive, a publicly traded company that holds Bitcoin on its balance sheet, reported owning 43,000 BTC as of Oct. 23.

“I do have conviction that over any reasonable time frame, this does not change the investment thesis on Bitcoin,” Cole said.

Cole said Bitcoin’s decline was less severe than he expected given the scale of the breach and broader market weakness, although he acknowledged that it was too early to determine whether the cryptocurrency had reached a price bottom.

Cole described the market as being in an “early spring” recovery phase that could last another six to nine months, with prices gradually rising rather than surging to new highs.