The wind has changed: institutional investors are now bullish on bitcoin (BTC)

Cryptocurrency (virtual currency) ා bitcoin ා exceeded $29000. However, the situation is very different from the virtual money market in 2017, which recorded the highest price ever. One of them will be institutional investors entering the bitcoin market one after another. It was individual investors who drove the market three years ago. Here’s a list of institutional investors who are bullish on bitcoin and have influenced the market this year: Jamie Dimon, chief executive of JPMorgan Chase Bank, is known for his scathing criticism of bitcoin, but in a financial analysis released in October, the largest banks in the United States are gold and bitcoin. We made a comparative analysis of the above contents and showed the attitude of bitcoin evaluation. (note that Dimon said last month that bitcoin was “not my favorite.”) With the massive inflow of gold investment, bitcoin prices have risen significantly in the long run Recently, Massachusetts Mutual Life Insurance Co., a major U.S. insurer, accepted the purchase of bitcoin, saying it was a sign that institutional investors’ demand for the currency would grow. Singapore Development Bank, the largest commercial bank in Singapore and Southeast Asia. According to reports, in late October, there are plans to open its own virtual currency exchange. Currently, it is waiting for regulatory approval, but it is said to focus on the business of institutional investors. Paul Tudor Jones, a hedge fund tycoon at Tudor BVI Global Fund, says bitcoin in 2020 is reminiscent of gold in the 1970s. In May, he revealed that he had invested 2% of his assets in bitcoin, but said he was considering trading bitcoin futures through his Tudor BVI Global Fund, which has attracted widespread attention. There is also a view that his comments triggered a rise in the price of bitcoin. Social capital focuses on technology startups. Founder Chamat palihapitiya is also known as a millionaire. Bitcoin, which is unrelated to other assets, is “the best financial hedge against an uncertain world economy” and accounts for at least 1% of its assets, he said. Cathy wood, CEO of the ark investment, is one of the “most influential people 2020” in the virtual currency industry selected by coindesk, the US virtual currency media. His team recommends allocating 2.55% to 6.55% of the investment to bitcoin. Shiling holding group investment fund the parent company of New York digital investment group, with assets under management of $10 billion. In October, it announced its holdings of more than 10000 bitcoins as part of its reserve asset strategy. Fidelity digital assets fidelity digital assets (FDA) is a virtual currency related company under fidelity, a world financial giant, which develops virtual currency related businesses for institutional investors. Last year, it launched a virtual money escrow service for institutional investors and announced its withdrawal from bitcoin funds in August. In addition, this month it announced a bitcoin backed financing service for its customers. We are actively studying and analyzing bitcoin investments and disseminating investment trends to the public, and in October, we proposed to allocate 5% of our portfolio to bitcoin. In addition, the company’s Finance Department reported that buying bitcoin as an asset allocation strategy has become a trend this year. Grayscale, the company’s bitcoin investment trust, is the largest digital asset management company, and institutional investors have huge demand for it. According to data on the 14th of this month, the total assets under management of the company’s investment trust fund has reached 13 billion US dollars. Among them, bitcoin investment trust is said to reach 500000 BTC by the end of this year. PayPal’s main payment company, PayPal, entered the virtual currency business in October. First, it will provide exclusive four person transaction services for U.S. users, namely bitcoin, Ethereum, lightcoin and bitcoin cash, but plans to pay in PayPal compatible merchants next year. PayPal has 345 million users and 25 million merchants worldwide. Square in October, the payment platform square announced that it had purchased $50 million of bitcoin. Analysts at JP Morgan described it as “a strong statement of strong support for the future of LTC.”. Micro strategy has attracted attention this year because of its huge investment in bitcoin, and the share price of its own company listed on NASDAQ has doubled. The company already has more than 40000 BTCs, but announced it has successfully raised about $700 million by selling convertible bonds for additional purchases. Michele Saylor, the company’s chief executive, is very trusting of bitcoin, and even individuals are reported to have invested about $180 million in bitcoin. He also believes that all corporate finance departments should hold bitcoin as reserve assets. Ice, the parent of the New York Stock Exchange, has set up bakkt, a virtual currency exchange, and started trading bitcoin futures for cash settlement in September last year. Despite a slow start, daily trading volume in September this year increased by more than 1000% compared with the same period last year, reflecting the growing demand of institutional investors for the special currency. In addition, bitcoin futures trading volume in one month reached an all-time high in October. As a result, Goldman Sachs told clients in May that it could not recommend bitcoin as its portfolio, as many institutional investors entered the bitcoin market. Meanwhile, it is reported that it has appointed a new digital asset manager and is considering issuing its own Fiat backed token in August. JPMorgan has announced plans to use JPM coin, a digital currency for corporate payments, and Goldman seems to be following suit. Michael Novogratz, a native of the bank and chief executive of Galaxy digital, an encryption investment firm, believes that Goldman will eventually be forced to deal with cryptocurrency and “will rush to catch up.”.

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