With months of COVID-19 being at the top of media attention and a brief period of the US election grabbing all the headlines, Bitcoin is slowly wrestling media attention back.
The Wall Street Journal is taking a huge interest in what is going on with the crypto markets and has trained its eye on the activities of institutional investors. Bitcoin did not just get mentioned by the Wall street journal, it made the headlines in a report that looks at some institutions that are buying it.
The report noted that BTC was increasingly gaining big-name supporters some of whom are Wall Street billionaires like Paul Tudor Jones, Stanley Drukenmiller as well as popular public figures. Bitcoin has also received attention from Hollywood celebrities like Marie Williams who ran a poll asking whether BTC would be a good buy.
Despite the higher highs that BTC has achieved the last several weeks, interest from mainstream media has been minimal. The stock market has received some interest amid the constant main stories that involve a COVID-19 vaccine, and the reluctance of President Trump in conceding to President-elect Joe Biden.
The Wall Street Journal’s report underlined the significant investments being made into BTC by hedge fund managers and Grayscale Investments while also acknowledging demand from other investor classes. The report shouted out retail investors as well who can now ace crypto-assets through familiar financial service companies.
The report also noted a surge in the number of BTC trade volume on Square’s cash app from $555 million in 2019 to $1.6 billion during the third quarter of 2020. US-based exchange ItBit also saw crypto trading activity surge after it was confirmed that PayPal Bitcoin trading activities would be executed through the platform. According to PayPal CEO Dan Shulman, increased institutional adoption will see crypto assets “move from being less of just an asset class and more into a currency.”
He added that central banks could soon be forced to have to replace paper money with digital fiat currency as paper money’s popularity dissipates.
“As paper money slowly dissipates and disappears from how people are using transactions, central banks especially on the retail side will need to replace paper money with forms of digital fiat currency.”
At the moment BTC and ETH are seeing protracted rallies that some have been largely attributed to institutional interest. Some have attributed the rally to possible increased devaluation of the US dollar because of the actions of the Fed. Enthusiasts continue to watch the charts with bated breath to see whether their price predictions come true.
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