In just 24hrs, the price of bitcoin has gone up by a massive 20% skyrocketing bitcoin to new heights never experienced before.
At press time, bitcoin is now trading at slightly above $23, 472 – The highest it has ever been in history!
A number of developments within the investment space among global financial institutions have been revealed to have caused this huge market move below:
- American Express – The company has doubled down on its $17 million investment in Falxon X, a crypto trading platform for institutional investors
- Ruffer LLP – This London-based investment firm has quietly allocated $744 million (2.5% of the firm’s total fund) to bitcoin
- One River Asset Management – The digital investment arm of the hedge fund has made an initial $600 million investment into cryptocurrencies with plans to move this figure to $1 billion in early 2021
What is particularly interesting is the CEO of One River Asset Management, Eric Peters, who runs an investment newsletter that is read by investors who, in total, hold $1 trillion worth of assets.
In short, what Peters does and advices is considered investment advice by his peers and mirrored.
“There is going to be a generational allocation to this new asset class. The flows have only just begun.”
– Eric Peters, CEO, One River Asset Management
According to stats, verifiable bitcoin trading volume has already doubled in the last 24 hrs.
What is fueling institutional investment into crypto? Here are the key reasons:
- Bonds yielding negative rates
- Zero or near zero interest rates in the developed world
- Devaluation of fiat due to increased money supply
- Inflation could be around the corner
- US Fed announcement of buying of Treasury Bonds into 2021
With all of the above in place, bitcoin thus remains the only asset that is delivering returns and nobody wants to be left by this boat.
RECOMMENDED READING: REPORT: The Bitcoin Treasury Reserve Strategy – Lessons from Publicly-Owned Corporations
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