There is evidence everywhere that institutional traders are starting to delve deeper and deeper into bitcoin and cryptocurrency operations.
Grayscale recorded more than $ 1 billion in bitcoin transactions during the second quarter, and another company called MicroStrategy announced it would purchase more than $ 250 million in bitcoin to add to its financial reserves.
MicroStrategy is looking to get more BTC
This marks one of the first occasions when a large company claims it wants to enter the bitcoin spectrum in such a consistent way. $ 250 million is not a small amount, and the fact that the company will buy such a large sum means that the executives behind the company clearly see bitcoin and cryptocurrencies as the money of the future.
They are not investing in traditional currency or gold. They are turning specifically to bitcoin to ensure they are financially stable over the next few years. But it seems that the love and trust in bitcoin has grown further.
The company is now releasing a statement saying it is looking into more bitcoin options and is considering adding even more bitcoin to its already huge stash. The executives met on September 11 and issued a new document, registered with the Treasury Reserve Policy.
The document states: "Under the new policy, treasury reserve assets will consist of (I) cash, cash equivalents and short-term investments (" cash assets ") held by the company that exceed the needs for active capital and (II) bitcoin held by the company, with bitcoin serving as the primary reserve asset of the treasury on an ongoing basis, subject to market conditions and anticipated needs of the cash asset, including potential future stock repurchase activity.
As a result of this new policy, the company's holdings in bitcoin could go beyond the $ 250 million investment that the company disclosed on August 11, 2020. "
Many see Bitcoin through a lens
This story shows that bitcoin's reputation has been exploding in recent times. Many see it as the equivalent of gold, or something that could potentially protect their wealth from inflation and other harsh economic conditions.
This trend likely started in March, when the coronavirus first hit our global markets. Everything has moved into bearish territory. Bitcoin, which is now trading at its highest in about a year, had also fallen to $ 3.000 for a short time.
But it wasn't long before people started seeing bitcoin through a lens that makes it appear much stronger and clearer. They saw bitcoin as something that could potentially protect their wealth.
Something more reliable than cash or fiat currencies which are suffering a lot as the economy desperately tries to get it right. The fact that so many companies, some as big as MicroStrategy, are trying to add e buy bitcoin for their portfolios it suggests the strength and resilience of the currency beyond all measure.
