CoinGecko co-founder Bobby Ong recently shared his crypto predictions for 2021. Saying this will be the year that institutions come to cryptocurrency in a big way. Following the lead of the few companies that have already announced sizeable Bitcoin holdings on their Treasury.
“I wouldn’t be surprised if Tesla starts buying and holding it on a treasury,” Ong said in an interview with Alex Fazel. He would further state his belief that it is likely that institutions are already buying Bitcoin. Having yet to announce it because they haven’t completed the entirety of their Bitcoin purchase.
Ong pointed to the number of large buy orders on weekdays at US times. A potential signal that institutions are possibly buying Bitcoin. Meanwhile, data from CoinMetrics also suggests that institutions have been purchasing the asset. With the increase in addresses holding more than 1,000 BTC.
Digital asset manager Grayscale has also expressed the same beliefs in their recently released quarterly report. That report suggested that in Q4 of 2020, institutions accounted for 93% of their capital inflows, a number that amounts to $3 billion.
That same quarterly report also noted that the Grayscale Bitcoin Trust accounted for 87% of all inflows to their product family. Which is the highest percentage its seen since 2017. Grayscale described this as “further evidence of institutions looking to Bitcoin as a reserve asset.”
MicroStrategy Remains On Top With Bitcoin Reserves
MicroStrategy remains the company with the most significant Bitcoin reserves. They recently hosted a Bitcoin for Corporations conference. Aimed at providing executives from over 1400 firms with the blueprint to incorporate Bitcoin into their balance sheets.
With Ethereum already trading at a new all-time high, and PayPal allowing crypto payments for all of its merchants worldwide, 2021 is already seeing significant events in the rise of crypto adoption and it could very well just be the beginning.
Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.
According to Bank of America, cash holdings among investors have increased, causing bearish risks for Bitcoin (BTC) & the...
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