Mode Banking Invests in bitcoin, Joins MicroStrategy and Square
A London Stock Exchange-Listed Fintech Group, Mode Banking, is investing 10 percent of its cash reserves in Bitcoin. The public company said this was part of its diversification plans to protect clients against currency debasement and earn maximum returns.
The company is the second from the United Kingdom to buy Bitcoin as part of their investment strategy. The influx from leading companies hints at a looming economic crisis as Coronavirus ravages economies. Mode Banking strategic positioning in Bitcoin also comes at a time when the UK’s FCA, early this month, banned the retail trading of cryptocurrency derivatives and Exchange-Traded Notes (ETN).
Impact on the BTC Price:
Bullish. At the time of writing, the Bitcoin price is up and steady above $12,700--an important sell wall and possibly the last impediment for bulls before $14,000 or better, on this news. Institutional participation is vital for crypto and Mode Banking involvement is a net positive for crypto as an emerging asset class.
More market updates on our Blog