The past 6-8 months is a period in which corporate firms’ interest in Bitcoin has peaked. Billionaire investor Mike Novogratz commented on the latest situation.
Institutions lined up for Bitcoin!
Billionaire investor Mike Novogratz said institutional investors have helped boost Bitcoin’s legitimacy in the past few months. Now, he explained that they are “lining up” to buy BTC, taking advantage of every BTC price drop they see.
Speaking to CNBC, Novogratz pointed out that many Americans will receive $ 1,400 incentive checks as part of the $ 1.9 trillion COVID-19 aid package. A study by Mizuho Securities revealed that at least $ 40 billion of the $ 380 billion distributed to Americans will be invested in Bitcoin and stocks at this time when retail investors enter the market.
With a price drop, Novogratz said, Bitcoin price dropped from an all-time high of $ 61,800 to $ 53,000 in the past few days. The billionaire investor thinks retail purchases could take Bitcoin to a new peak this weekend.
Novogratz added that Bitcoin’s legitimacy has improved in the past few months, thanks to institutional investors entering the field. As companies such as Tesla, MicroStrategy, MassMutual, Ruffer Investment bought BTC to enter the market, corporate adoption also increased.
In response to a question that Bitcoin is now an asset, Novogratz said:
Novogratz predicted last month that the Bitcoin price could reach $ 500,000 by 2024.
On the other hand, at this point, it is worth mentioning JPMorgan’s latest report. JPMorgan report shows that retail Bitcoin purchases have increased recently; on the other hand, corporate purchases are on the decline.
According to the report prepared by JPMorgan strategist Nikolas Panigirtzoglu, retail buyers bought 187,000 BTC and institutional buyers 173,000 BTC in the current quarter. This figure was 205,000 BTC to 307,000 BTC in the last quarter of last year.
Shocking crypto forecast from Goldman Sachs
John Waldron, one of the executives of the famous New York-based US investment bank Goldman Sachs, said that customer demand for cryptocurrencies has increased.
Waldron emphasized that the COVID-19 pandemic is accelerating the adoption and adaptation phases of the coin and an “explosion” is expected soon.
One of the largest Wall Street banks is currently struggling to meet customer demands and comply with cryptocurrency regulations.
Waldron also explains that Goldman is currently in talks with regulatory agencies and central banks around the world on how to approach the nascent asset class.
Goldman’s Bitcoin plan
Goldman Sachs began trading Bitcoin futures this week, following the cryptocurrency trading desk that it previously opened and closed last week.
Goldman has plans to launch a Bitcoin-linked exchange-traded fund (ETF) and offer a crypto custody service.
On the other hand, Peter Brandt, one of the phenomenon traders, highlighted in one of his recent posts that Goldman’s interest in crypto does not mean that Bitcoin will rise.
According to Brandt, Goldman opened the crypto service in 2017, when Bticoin and crypto interest peaked, but closed it when Bticoin fell. Now Bitcoin is on top again and Goldman is opening a crypto service again.
Huge corporate acquisition just before Bitcoin soared
The appetite of financial institutions for Bitcoin does not stop. 11554 BTC purchases were made just before Bitcoin rose to $ 54,000.
Moskovski Capital CEO Lex Moskovski showed a giant buy-in on the Coinbase exchange, on Glassnode analytics data.
According to Moskovski, BTCs occurred just before the bitcoin price hit the 54,000 rally and was withdrawn directly to wallets.
According to Glassnode data, 11554 BTC was purchased on March 8 at $ 50,806. It is thought that $ 587,012,524 was paid for the purchase.