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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

3 Trends Are Drawing Wall Street to Bitcoin and Crypto: Fidelity Survey

Nick Chong
Nick Chong
1 year ago
2 mins read
bitcoin crypto

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Over the past few months, we’ve seen a strong uptick in institutions adopting Bitcoin and crypto-assets.

Nothing shows this as well as Grayscale’s Bitcoin Trust, a leading way that institutional investors can use to gain exposure to cryptocurrency. According to NewsBTC’s research, the trust brought in 62,972 BTC over the past 12 weeks. Over that same time frame, 125,368 coins were mined.

That’s to say, a single firm on behalf of its institutional clients was responsible for buying 50% of all the BTC mined over the past three months.

62,972 Bitcoin has been added to Grayscale's Bitcoin Trust over the past 12 weeks.

Over the same time frame, 125,368 BTC was mined.

Institutional investors are accumulating vast amounts of Bitcoin. Now add exchanges and the halving into the mix. pic.twitter.com/zueQphXXfl

— Nick Chong (@n1ckchong) June 8, 2020

Adding other venues like Bakkt and spot markets into the mix, and it’s clear that there is strong demand for cryptocurrency from Wall Street players.

According to Fidelity Investments, there are three reasons why institutions have suddenly increased their involvement in the crypto industry.

Related Reading: Crypto Tidbits: $200M of Bitcoin Liquidated, Ethereum DeFi Adoption Limited, Bloomberg Is Bullish

What Is Drawing Institutions to Bitcoin and Crypto?

On June 9th, $2 trillion asset manager Fidelity Investments released its second annual survey of institutional investors on digital assets.

Along with discovering that 36% of institutional respondents have some sort of exposure to the crypto market, the survey found the reasons why Wall Street sees promise in this market. They are as follows:

  • Cryptocurrencies are largely uncorrelated with other asset classes
  • Cryptocurrencies and blockchains are “an innovative technology play”
  • Digital assets have “high potential upside”

Goldman Sachs Begs to Differ

While many institutions are flooding into the Bitcoin and crypto markets seeking the aforementioned benefits, certain executives of Goldman Sachs recently begged to differ.

In a client call conducted on May 27th, the analysts said that they don’t think Bitcoin has a place in a balanced portfolio. They argued that digital assets don’t provide diversification benefits, don’t rally due to inflation, and don’t produce cash flow like equities.

“We don’t recommend gold on a strategic or tactical basis for clients’ investment portfolios. We don’t recommend bitcoin on a strategic or tactical basis,” was the presenters’ conclusion on BTC.

Warren Buffett, too, is skeptical of this nascent asset class.

The billionaire investor, known as the “Oracle of Omaha” due to his track record, has come out against Bitcoin multiple times over the past few years.

Most recently, Buffett remarked that he thinks cryptocurrencies “basically have no [intrinsic] value,” arguing that their only use is to be sold to someone at a higher price. This echoes the time he remarked that BTC doesn’t have much more value than a button on the suit he was wearing.

These latest comments come a year after he branded Bitcoin an asset for “charlatans.”

Related Reading: Last Time This Formation Was Seen, Bitcoin Peaked at $10,500. It’s Back Again
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Price tags: xbtusd, btcusd, btcusdt
3 Trends Are Drawing Wall Street to Bitcoin and Crypto: Fidelity Survey
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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