TL;DR Breakdown
- Jeff Currie believes that institutional investors would help stabilize the crypto industry.
- The numbers of institutions investing in cryptocurrency has increased since last year.
The global Head of Commodities Research at Goldman Sachs, Jeff Currie, made it known that institutional investors would play a pivotal role in stabilizing the cryptocurrency market, in an interview on CNBC’s The Coin Rush.
Currie admitted that the crypto industry is beginning to mature but still the market has a long way to go. He added that there were still only a few institutional investors currently, with only roughly one percent of BTC money being institutional money.
He also noted that Bitcoin and Gold share a similarity in being defensive assets. And that part of Gold’s $3 trillion market could be shared with the crypto industry.
The Goldman Sachs top executive also pointed to the level of uncertainty and volatility attached to Bitcoin. According to him, this level of inflows and outflows make it difficult to forecast the performance of the industry generally.
Institutional investors in Crypto industry increasing
The number of institutional investors in the crypto industry has been on a steady increase since last year.
In 2020, we saw the entrance of Microstrategy, Grayscale, PayPal, Square, MassMutual and a host of other companies throw their hat into the Bitcoin ring.
PayPal integrated BTC into its payment gateway. This means that users of its financial services can carry out transactions in the digital asset. The firm, yesterday, announced that over $200 million worth of crypto assets was moved through its system.
Microstrategy and Grayscale hold the distinction of holding over a billion dollars worth of Bitcoin. The CEO of Microstrategy, Micheal Saylor, is a strong proponent of the crypto industry and has tried to convince the richest man in the world, Elon Musk, to invest in the leading crypto asset.
Other companies like MassMutual and Square have also invested in Bitcoin. Square owns over 4000BTC while MassMutual invested $100 million in the crypto market.
Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap
