Christopher Wood, the global head of equity strategy at Jefferies, has dumped five percent of their physical gold position in order to buy Bitcoin (BTC). This move shows that a growing number of institutional investors consider Bitcoin to be at par or a better store of value than gold. Wood also said that if Bitcoin were to have a big correction, he would buy more. The fact that institutional investors are content purchasing in the $16,000 to $20,000 range suggests that institutional investors are not worried about a pullback as they view it as an opportunity to accumulate for the …
Crypto traders and investors received an early Christmas gift today as Bitcoin (BTC) price cleared the $20,000 psychological milestone for the first time in history. Today's breakout is equally significant as it serves to heal the scars of the traders who may have bought right at the top in 2017 and held their positions until now. The current uptrend in Bitcoin has been all about institutional adoption. The latest institutional investor to have announced a position in Bitcoin is the United Kingdom-based investment manager Ruffer Investment Company Limited. As has been the case with most institutional purchases this year, Ruffer …
Strategists at JPMorgan said in a note that MassMutual’s $100 million Bitcoin (BTC) purchase shows that insurance firms and pension funds are now adopting Bitcoin. According to the analysts, typically this class of institutional investors is conservative in their style of investing so the recent allocation is quite significant. However, the strategists said that even if the pension funds and the insurance companies in the U.S., Japan, the U.K., and the Euro area keep 1% of their assets in Bitcoin, that could amount to an additional inflow of about $600 billion into Bitcoin. These investments by institutions may have increased …
A few years back, Bitcoin’s (BTC) price was controlled by whales as the crypto market lacked depth and was relatively illiquid. If whales were selling in unison, no one wanted to venture out and buy. Similarly, the whale’s concerted buying easily boosted prices higher. However, that is not the case anymore. With the arrival of institutional investors, it appears that the whales are gradually losing their ability to influence BT price. According to on-chain data, Grayscale Investments purchased about twice the number of Bitcoin mined in November. The steady inflow of institutional funds has boosted Grayscale’s Bitcoin Assets Under Management …
Recent news reports suggest that U.S. lawmakers may announce a new round of economic stimulus worth about $908 billion before the end of today. This second package, if announced, will add to the existing debt pile and may send the U.S. dollar index (DXY) lower. The index is already trading near its lowest level since April 2018. The slow economic recovery, expansionary monetary policy, overvalued stocks and negative bond yields are some of the reasons that have forced investors to search for alternative assets to safeguard their portfolios. Gold has been one of the favorite safe-haven assets of investors for …