According to ME News, on May 12 (UTC+8), it was reported that The Bitcoin Society, a startup backed by French NBA star Tony Parker and entrepreneur Éric Larchevêque, has decided to abandon its plan to establish a cryptocurrency treasury. Larchevêque stated that the decision, made in the first quarter of this year, was driven by unfavorable market conditions that hindered the company’s ability to accumulate Bitcoin reserves through financing, as Bitcoin’s price dropped more than 20% during that period. Previously, the company had intended to adopt a Bitcoin reserve strategy. (Source: MLion)
The Bitcoin Society Abandons Plan to Build a Crypto Treasury
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Summary
On May 12 (UTC+8), Bitcoin news reported that The Bitcoin Society, backed by Tony Parker and Éric Larchevêque, has abandoned its plan to establish a crypto treasury. Larchevêque cited weak market conditions in Q1, during which Bitcoin prices dropped more than 20%. The organization had previously intended to build Bitcoin reserves. As investors shift focus, alternative cryptocurrencies may attract increased attention. (Source: MLion)
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