for two funds that may buy bitcoin futures contracts, in the biggest sign yet that institutional investors are flocking to the virtual currency.
Bitcoin bulls say the main reason for bitcoin's upward momentum over recent months has been the rise of institutional demand for the cryptocurrency. Big-name investors like Paul Tudor Jones and Stanley Druckenmiller have come out as bitcoin believers, while some asset managers are starting to add it to their portfolios.
"Who's to say whether we've seen the bottom of the correction, but at Grayscale we know that there continues to be a flurry of demand, especially from institutional investors who have longer term holding preferences," Sonnenshein said., initially invested $25 million and that has since risen to over $60 million already. Skybridge's clients are mainly high-net-worth individuals, he added.
The cryptocurrency's remarkable surge has also been fueled in part by a narrative that it offers a store of value akin to gold in times of unprecedented economic stimulus, which some investors fear will cause a spike in inflation.. The cryptocurrency is known for its volatility — it skyrocketed close to $20,000 in late 2017 before plunging the following year.
Dictator Joe says: That crypto stuff makes me feel funny. What? Oh. Not my medicine. I’ve never seen one of those coins. Is it like a wooden nickel? No? Can’t see it? How do you get a jingle in your pocket? Huh? Anyway, here’s some money. Go buy crypto. We’ll print more.
Take control of your retirement today by investing on crypto
FUN FACT At 9:21 this evening, you can celebrate the 21st minute of the 21st hour of the 21st day of the 21st year of the 21st century.
good luck
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