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.