Some big names are likely to announce Bitcoin ownership in the near future. This will have a hugely bullish effect on Bitcoin. Institutional adoption is finally happening. JPMorgan, Morgan Stanley and other investment banks are now offering Bitcoin investing services to their wealthy clients. Client demand for Bitcoin is simply too high for institutions to ignore. JPMorgan and Morgan Stanley had to partner with NYDIG to offer crypto services to their clients. Early adopters like Fidelity Digital Assets, Coinbase, NYDIG and others are already extremely well-positioned to benefit from growing institutional demand. Coinbase is officially adding $500 million in crypto reserves to its balance sheet and will put 10% of its profits into the crypto market moving forward.
Bitcoin has performed extremely well over the past year. It has risen from around $10,000 on August 3, 2020 to more than $52,000 today. And we probably just got started. Institutions that adopted crypto early have done extremely well with their investments and are likely outperforming most of their industry peers. The institutional “fear of missing out” (FOMO) will drive prices probably much higher. FOMO has the potential to drive a cycle of institutional adoption that could send Bitcoin prices soaring to over $100,000 by spring next year, possibly sooner.
Smart institutions will average into the market and hold Bitcoin for the long-term. A successful strategy proven for success in crypto.
Sven Franssen