Welcome to the first installment of BeInCrypto’s (BIC) bi-weekly news show, where we explore the latest thought-provoking news in the cryptocurrency space.
In today’s video, we cover the leading crypto as it continues to outperform on its quest to $16,000 a coin and beyond. As a result, we look at institutional investment, which remains a hot-button topic in 2020.
Not to be undone, central banks are racing to stay in the game, but when will they actually add BTC to their balance sheets?
2020 – The Year the Corporates Climbed Aboard
Grayscale Investments remains the largest corporate holder of bitcoin and currently owns somewhere in the region of 450,000 BTC, worth over $6 billion. The firm recently polled 1,000 US investors between the ages of 25 and 64 and found that 55% expressed their desire to invest.
Elsewhere, lesser-known software company MicroStrategy has risen to prominence of late thanks to its highly-publicized bitcoin purchases. Its stock has soared in the aftermath, explains BIC host Jessica Walker:
“In the month of October, MicroStrategy outperformed both Apple and Microsoft on the news that they will convert 75% of their cash reserves into Bitcoin.”
Hedge Fund managers expect a flood of money to pour into the space within the next five years.
Central Banks Scramble to Play Catch-Up
Likely feeling the pressure from the grassroots crypto movement and now the hefty corporate inflows, central banks are making their own intentions known. European Central Bank President Christine Lagarde recently canvassed Twitter to gauge interest in Central Bank Digital Currencies (CBDC).
In the same vein, BeInCrypto’s weekly altcoin poll winner, the Ocean Protocol, announced last week that it would be partnering with the German Central Bank.
Can we expect to see more collaborations in the months ahead? Express your thoughts via our YouTube and Telegram communities and make sure to tune in again for another recap of BeInCrypto’s bi-weekly news show.