Crypto Investing Here to Stay: Large Funds Allocating Funds
According to Meltem Demirors ofCoinShares, crypto investing is here to stay. Appearing onCNBC, shesaidthere is a growing trend that has seen more institutions allocate part of their cash reserves to Bitcoin and crypto. Over $7 billion have flown into BTC products in the last two quarters, while over $20 billion have been moved from gold ETFs. Besides, developing complex crypto products will dampen coin volatility, helping take crypto to the mainstream.
Despite accelerated movements and jostling by traditional players like Goldman Sachs to provide crypto exposure or offer to provide derivative products, their attempts may be too late and may not catch up with early adopters, according to Meltem. Meanwhile, Millennium Management—a multi-strategy hedge fund with $48.3 billion of assets under management, isreportedto have gained BTC exposure through Grayscale Bitcoin Trust (GBTC).
Impact on the Bitcoin Price:
Bullish. The BTC/USD price corrected on Apr 7, but unlike previous rallies, the coin isproppedby determined institutions eager to be part of the whole. This alone affirms crypto's increasing role and the benefit of adding BTC—or its products to any high-performance portfolio.
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