Large Investors Enter the Market: The “Whales” That Manage $ 27 Trillion Assets Are Switching to Cryptocurrency

Meltem Demirros, director of CoinShares, stressed that at least eight major financial institutions including JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco and Bank of America have already taken the first steps towards digital currencies. Some of them have already registered bitcoin ETFs.

 


Large investors have already shown interest in investing in bitcoin-related funds. According to Cointelegraph, ETF ProShares Bitcoin Strategy ETF (BITO) has shown a considerable weekly inflow, adding roughly $1 billion in assets under management.

 These events are the evidence that financial institutions are seriously considering cryptocurrency as an important investment asset. The registration of bitcoin ETFs and the growing interest in cryptocurrency-related investment funds speak about the growing popularity of this new class of assets.

 The switching of financial giants to cryptocurrency gives the potential for a market turn. This is a good reason to send bitcoin to the mark of $60,000-80,000.

 #cryptocurrency #financialgiants #investments #bitcoin #blockchain #cryptoinvestments #bitcoinETF #whales #funds #financialindustry

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