Can Bitcoin (BTC) Still Collapse With Support From Listed Companies? Besides, who is supporting whom in these difficult times? Today we take a look at the balance sheets of companies that have bet on BTC: Grayscale has racked up a nice jackpot.
Bitcoin will replace banks, and better!
According to the site Coin98 Analytics, nearly $ 7 billion in Bitcoins would be held by publicly traded companies.
In total, 13 of them have converted part of their cash into BTC. Grayscale ranks first with 449,596 BTC worth approximately $ 5.14 billion under his control.
Grayscale is one of the first institutional investors to adopt an aggressive strategy of acquiring Bitcoins : its CEO, Barry silbert, remains confident in the fact that his company will remain in first place despite the advances of its competitors.
CoinShares heels Grayscale in second place with 69 730 BTC valued at $ 797 million. MicroStrategy, under the direction of Michael saylor, is the company that made the strongest impression this year with the purchase of 38,250 BTC.
In response to the tweet from Silbert who was discussing the position of the Bank of England vis-à-vis the Bitcoin, Saylor explained that the BTC was the first digital monetary system capable of storing the money of an individual, a company or a government without losing a dime.
A long-awaited divorce
Fluctuations in the price of Bitcoin currently exhibit a negative correlation with those of the US dollar, making it an attractive opportunity for investors looking to diversify their portfolios.
Comparative data from Cointelegraph Markets and Digital Assets Data indicate that the assets of the S&P 500 and gold tend to have a greater correlation with Bitcoin.
Market players anticipate a decoupling of the oldest crypto from the traditional financial market, which could lead to an increase in prices.
Should we expect a rush of large US companies to BTC? Bitcoin is too risky, it has no intrinsic value, it is just a bubble or a Ponzi scheme: it will still take time to change mentalities. The leverage for the 100,000 USD may not be found on the balance sheets of large institutional investors. Many smaller companies that start betting on BTC to hedge against inflation may also push BTC towards the 6 digits.
Litecoin, welcome in the Silver Age