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Institutional investors are largely responsible for the massive bullish trend that is currently unfolding in the cryptocurrency market.
Coinbase’s head of institutional coverage, Brett Tejpaul, in his latest interview with Heidrick & Struggles via the Youtube channel, revealed that buying interest from institutional investors has grown more than when he began his career in world’s most valuable cryptocurrency exchange, Coinbase.
“We had a blast of activity … I joined in April of this year. At the time, our institutional assets under custody were $ 6 billion. Today we are at over 20 billion dollars. So more than a threefold increase … “
We are now measuring the new cryptocurrency inbound capital that is mainly allocated to Bitcoin in billions and then week after week after week we have had a capital explosion coming “, Tejpaul said.
He also explained the role of major hedge funds, banks and now Paypal is having,
“For the people sitting on the sidelines who are now looking at major banks, major accounting firms, major hedge funds, major endowments and now PayPal is entering space. It has really sparked the second wave of institutional adoptions,” He said.
Sequel to this landmark, Nairametrics recalls a few days ago, revealed as Bitcoin hit just under $ 18,000, a significant number of millionaires revealed that it will invest in cryptocurrencies before the end of 2022.
DeVere Group, one of the world’s leading independent financial advisory firms, found that 73% of survey respondents have already invested or are preparing to invest in digital assets, such as Ethereum, Bitcoin and XRP, before the end of 2022. .
Also, not forgetting that the world’s attention seems to have shifted to the crypto-verse now, as recent reports have shown how Bitcoin whales have grown at a record pace.
Data retrieved by Glassnode, a popular crypto analytics firm, reported that the number of Bitcoin whales (entities holding ≥ 1K BTC) has been on an upward trend in recent months.
The number of #Bitcoin whales (entities holding ≥ 1K BTC) have been on an upward trend in recent months.
An indication that more people with high net worth are entering the space to invest in Bitcoin looking forward to $ BTC price appreciation.
Chart: https://t.co/wR2aZoj06y pic.twitter.com/yxtcNqrqrq
– glassnode (@glassnode) 9 October 2020
Bottom line: Nairametrics believes that growing buying pressures from such major institutional brands are partly responsible for the recent highs in undilutable cryptocurrencies.
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