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Supported by French NBA star Tony Parker and entrepreneur Éric Larchevêque, the startup The Bitcoin Society has abandoned its plan to establish a crypto treasury. Larchevêque stated in an interview that the market environment is no longer favorable for the company to accumulate Bitcoin reserves through fundraising. The decision was made in the first quarter of this year, when Bitcoin prices dropped more than 20%. Previously, The Bitcoin Society had announced it would advance its Bitcoin reserve strategy.
Xiao Caishen comments: Another startup project that has failed. This time, it’s probably not just because of the bear market for Bitcoin; fundraising difficulties are also directly related to the poor global economy. But the bull market is about to return, and the bulls born during the bear market will all come true in the bull market!