Institutions May Pump Another $25 billion to Bitcoin by the end of 2021
Ross Stevens--the founder of NYDIG, projects institutions to invest around $25 billion in Bitcoin by the end of the year, according to Michael Saylor-- the CEO of MicroStrategy, a public company that's deeply invested in BTC. Michael--an advocate whose BTC investment in BTC has nearly tripled, recently hosted the Bitcoin for Corporations. In this virtual event, he interviewed leaders in crypto and Bitcoin keen on integrating the most valuable digital asset as part of their investment strategy. According to Bitcoin Treasuries, public firms now control over $47 billion worth of Bitcoin.
Comments from Ross aren't new and reveals the level of institutional interest in the digital asset. The flexibility of the digital asset combined with its inflation-beating properties means it can hedge against inflation and act as money. For this reason, some public companies are flowing to Bitcoin in droves, unwinding their fiat positions with hopes of dumping-down the effects of inflation. It is to counter central banks who won't slow down in their money printing.
Impact on the BTC Price:
Bullish. The Bitcoin for Corporations virtual event saw SpaceX, Disney, Pfizer, Visa, and others send representatives. JP Morgan analysts also expect more billions to flow to Bitcoin and crypto, hinting at how Wall Street is positioning itself, supporting BTC/USD prices.
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