Bitcoin Gains Popularity Among The Rich As Bull Market Rages On
By Ponvang Bulus – December 13, 2020
More wealthy mainstream investors are getting attracted to the cryptocurrency space. This is particularly true for the number one cryptocurrency, Bitcoin. At the moment, Bitcoin has gained 270% since March this year. This is a huge return on investment that has left many top mainstream investors wondering if it is wise to continue standing on the sidelines while Bitcoin grows.
Earlier this year, Wall Street billionaires such as Paul Tudor Jones endorsed Bitcoin and even invested part of their portfolio in it. Corporate organizations are also not left out, with Square, Stone Ridge, and others buying significant amounts of Bitcoin this year as well. Perhaps this is fuelling the growing conviction among top investors that Bitcoin is now a worthy asset to include in their portfolios.
One such is Christian Armbruester the Founder of Blu Family Office, an investment firm that represents wealthy clients in London. He admits that Bitcoin has earned a place in a diversified portfolio. He is also considering investing more in the industry. Referring to Bitcoin, he said, “We’re now looking for trading opportunities in a very exciting field.”
He is just one of those who have come to accept Bitcoin as an investment even after criticizing it for years. An asset manager with Bernstein Research, a company with $631 billion worth of assets under management recently changed his mind on Bitcoin which he said was impossible to invest in, in 2018. Inigo Fraser-Jenkins now encourages his clients to get some Bitcoin as part of their portfolio.
According to digital assets management platform Grayscale, there has been an unusual influx of funds from both corporate and individual clients. The company has received $2 billion in the last two months alone and has been buying both Bitcoin and Ethereum on a massive scale. This can only confirm that more money is flowing into Bitcoin, a situation that JP Morgan says will make gold suffer for years as Bitcoin continues to grow.
Even financial institutions that once considered crypto to be a rival have jumped in. payment giant PayPal also decided to let its customers use Bitcoin for transactions. Reports indicate that over 20% of the company’s customers have so far used the app to trade Bitcoin and this number is expected to increase.
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The 2017 bull run is the most significant so far for Bitcoin as it took the price to the all-time high price of roughly $20,000. Although Bitcoin got close to that point, it has pulled back slightly. Nevertheless, investors are still optimistic that the asset is just starting and has the potential to go much higher than it did in 2017.
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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
The original article written by Ponvang Bulus and posted on ZyCrypto.com.
Article reposted on Markethive by Jeffrey Sloe