All over 2020, several conventional financial establishments have picked up stacks of BTC, including billionaire Paul Tudor Jones and MicroStrategy. Gemini digital asset exchange co-founders Tyler and Cameron Winklevoss recently mentioned that the aforementioned investments are part of a flow of big money arrivals into Bitcoin.
In a recently published CNBC interview, Tyler mentioned,
“This is the most sophisticated investors, the smartest people in the room, buying the Bitcoin quietly, so it’s not a FOMO [fear of missing out] thing,”
Tyler further elucidated that key establishments are here this time, in contrast to BTC’s retail-led bull run in 2017.
Apart from Paul Tudor Jones and Microstrategy, Guggenheim Partners, Stanley Druckenmiller, and fintech giant Square have all gained exposure to BTC, over the passage of this year. Their digital asset plays come in line with a wobbly international economic environment rife with money printing attempts.
The largest cryptocurrency by market cap, BTC is every so often compared to gold as a store of value and inflation hedge. The aforementioned investors align themselves with such a narrative.
Tyler Winklevoss mentioned,
“Also, you have publicly-traded companies like Square and MicroStrategy putting their treasury cash into Bitcoin because they’re worried about the oncoming inflation and the scourge of inflation with all the money printing and the stimulus from the COVID pandemic lockdowns.”
At press time, the overall market capitalization of BTC sits at over 356 billion USD, which is considerably far from nine trillion USD, even though the crypto asset lately crossed its all-time high made in 2017.
This article originally appeared on the front page of Live Bitcoin News on June 2nd 2023. Have you ever wondered what it’s […]
June 12, 2023
Our roving crypto documentary The Future is Now travels to Malta for the 3rd time! Episode 10 “The Rise of The New […]
March 7, 2020
The Bank for International Settlements (BIS) has unveiled a preliminary proposal mandating banks to be transparent about their cryptocurrency assets. The proposed […]
October 12, 2023
New research from the University of Cambridge, in partnership with online crypto brokerage eToro, delves into the influence of gender on Bitcoin […]
October 9, 2023