Bloomberg ETF analyst: Bitcoin hoarding strategy still faces three major 'narrative barriers' On March 25th, according to DL News, James Seyfart, an ETF expert at Bloomberg Intelligence, pointed out that although Strategy is moving towards becoming the world's largest corporate Bitcoin holder, its Bitcoin hoarding strategy still faces three major "narrative barriers" that constrain institutional investors' willingness to enter. One is concentrated risk. Strategy currently holds over 720000 Bitcoin, accounting for approximately 3.5% of the total Bitcoin supply. Michael Saylor has a high degree of control over the company, and institutional investors are generally cautious about a single entity controlling such a large amount of assets. The second is the threat of quantum computing. Traditional financial institutions are increasingly concerned about whether quantum computing can crack the Bitcoin network encryption system. Chaincode Labs research estimates that up to 50% of Bitcoin may face the risk of quantum attacks. The third concern is diversified configuration. Sovereign wealth funds and endowments often have doubts about the market structure where a single entity continues to expand its supply share when constructing cryptocurrency asset allocation. Seyfart also stated that any single risk mentioned above is currently not enough to deal a fatal blow to Strategy, but if institutional funds continue to observe, it will directly weaken Strategy's ability to continue buying, thereby affecting the important buying force in the Bitcoin market.