Institutional investors powering Bitcoin’s bull run ?
“A new class of “institutional investors”—spurred by large financial institutions such as Fidelity— is fueling this year’s dramatic bull run, according to the first biannual report from digital asset management firm Coinshares. Though the report cautions that retail-side investment is waning, it proclaimed a new era of Bitcoin dominance. London-based Coinshares analyzed market trends from January through June 2019, and acknowledged significant differences between the 2017 market rally and the current one. “Four factors that were present during the 2017 bull run have been conspicuously absent during the current rally: widespread media attention; spikes in ‘bitcoin’ searches on Google; spikes in tweets about Bitcoin; and the aforementioned corresponding rally in altcoins.” Despite this, the report hails the long-awaited influx of “institutional money.” The report cited asset management firm Fidelity, which this year announced its intention to launch institutional grade Bitcoin custodial services. Coinshares also pointed to a spate of other large businesses moving into the space, among them Microsoft, Starbucks, and the Intercontinental Exchange, which are together launching the Bakkt exchange. That business is seeking permission to sell physically settled Bitcoin futures.” https://finance.yahoo.com/news/institutional-investors-powering-bitcoin-bull-213406182.html