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The Grayscale fund, which has nearly $ 9 billion in assets under management, highlights how it has become easier for money managers to gain exposure to Bitcoin.
On the Chicago Mercantile Exchange, another traditional venue, the number of open Bitcoin futures and options contracts has quadrupled from this period last year to more than 12,000, according to Commodity Futures Trading Commission data collected by Bloomberg.
Panigirtzoglou noted that young people, especially millennials, were more likely than their older counterparts to see Bitcoin as an alternative currency to use for transactions and investments.
Adoption is likely to be further enhanced as well-known companies integrate cryptocurrencies into their businesses.
PayPal, one of the largest payments groups in the world, last month began allowing U.S. customers to buy, sell, and hold Bitcoin and other tokens in their online wallets. It plans to allow users to start using cryptocurrencies as a financing option in transactions with millions of merchants early next year. Transactions will still be settled in traditional currencies, but it represents a step forward in facilitating the use of cryptocurrencies.
Square, which bought $ 50 million worth of Bitcoin in October to show its “potential for continued future growth,” allows users to trade tokens via its Cash app. These developments represent a stark contrast to several years ago when storing and using Bitcoin was more complicated and risky.
