Bitcoin: World’s Largest Cryptocurrency
Since its inception in 2009 Bitcoin has been growing in popularity and adoption rate. This year, the price of Bitcoin reached as high as $64,000, making it a trillion-dollar asset. However, institutional investors were slow on the uptake because of regulatory concerns, its decentralized approach, and its volatility.
As a result, institutional investors decided to play it safe until now. More money is expected to be injected into Bitcoin in the coming months from institutional investors as they now want a piece of the cake.
Currently, Bitcoin and the entire crypto market are having a setback, losing almost 46% this quarter.
Trey Reik Backs Digital Gold to Take Institutional Money
In the early days of Bitcoin, the asset was heavily criticized by institutional investors and gold enthusiasts for being too volatile and not being a good investment.
Trey Reik, the CEO of Bristol Gold Group, has speculated that more money is expected to be pumped into Bitcoin in the coming years.
He further revealed that he is ‘jealous’ of Bitcoin because he didn’t get it sooner. It isn’t every day we get to see a gold expert shower praises on Bitcoin as the two assets have been rivals in the public sphere for a long time.
The gold expert believes that institutional investors will go bullish on the crypto asset like never before. While showering praises and projecting the future massive Bitcoin adoption, he said that
“Bitcoin is the greatest producer of wealth in the short possible time.”
On the Flipside
MicroStrategy and Big Banks are Going All-In
MicroStrategy and other corporations are investing heavily in Bitcoin amid a shaky market. The company bought another 13,005 coins this month bringing their total number over 100,000 Bitcoins worth about $3 billion.
Michael Saylor, CEO of Microstrategy (NASDAQ:MSTR), is a strong believer in Bitcoin and is delighted that his company spent about $486 million on Bitcoin.
Big banks such as JP Morgan Chase (NYSE:JPM), Morgan Stanley (NYSE:MS), and Goldman Sachs (NYSE:GS) have revealed that they are expanding cryptocurrency investment options for their clients. Most banks began investing in Bitcoin this year, bringing a new institutional push into bitcoin.
What’s Next for Bitcoin Prices?
Though the prices of Bitcoin and other cryptocurrencies have dropped in recent weeks, a massive institutional investment in Bitcoin may see the price soaring high again.
Bitcoin may not get up to the $100k mark which bullish investors were projecting for the asset to end the year, however, with more money, it could have a decent price rally.
Bullish investors like Michael Saylor may have saved Bitcoin from a price correction down to $17k. It’s now time for the coin to get back to its first-quarter levels.
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Source: Cryptocurrency - investing.com
