Glassnode claims that Bitcoin exchange outflows have continued to rise.
The Ron Paul Liberty Report was founded in 2015 by the former congressman.
In an interview with Kitco news Michelle Makori on Thursday, former presidential candidate Ron Paul addressed the future of bitcoin and the economic implications of the Russia-Ukraine conflict. One of America’s best-known authors as a physician, Paul is also an ex-politician. The Ron Paul Liberty Report was founded in 2015 by the former congressman from Texas to provide “provocative opinion and analysis to the breaking issues affecting our lives and finances.”
However, institutional investors’ interest in bitcoin has lately risen, indicating a currency’s resurgence. Following Russia’s invasion, the Ukrainian government this week established a legal framework for the use of cryptocurrencies. It also established a crypto-donation platform. Furthermore, BTC is accepted as legal money in El Salvador. Paul replied affirmatively when asked whether he still feels that Bitcoin would be prohibited or banned.
Paul said:
“Yeah, I do, mainly because I’m influenced a whole lot by history, and the gold history, and my interest in studying money and some of the principles that Austrian economics teaches about what the nature of money should be.”
Bitcoin (BTC) Outflow Surged
Recent market analyses have shown an increase in the amount of Bitcoin being removed from exchanges. Since last week, Glassnode claims that Bitcoin exchange outflows have continued to rise, particularly on spot exchanges.
In its most recent weekly report, the on-chain data aggregator noted that Bitcoin’s exchange balance has risen to levels last seen in 2020. Fewer than 2.5 million Bitcoins are now in circulation across the major exchanges. Coinbase emerged as the most significant source of outflows during the week under review. The US-based crypto exchange recorded net withdrawals of 31,130 BTC (worth $1.18 billion) over the week.