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The Rush Is Growing: Large Companies Have Already Purchased Over 780,000 BTC For $10 Billion - Binaryx
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The Rush Is Growing: Large Companies Have Already Purchased Over 780,000 BTC For $10 Billion

Institutions are betting on Bitcoin like never before. Companies are racing to increase the volume of digital assets, thereby fueling interest in the crypto market. Will buying Bitcoin as a hedge asset become a general trend?

Multi-million dollar investment in Bitcoin

Bitcoin has become the focus of the attention of major players in the financial market. According to a report by Arcane Research, corporate companies are increasingly showing interest in the flagship cryptocurrency, as the statistics show. Today, the companies own 785,999 BTC, which at the current exchange rate exceeds $10 billion.

The acquisition of Bitcoin by corporate institutions has caused a lot of hype in the information field, especially over the past month. Key newsmakers were Microstrategy and Square, which openly announced their investment in Bitcoin. In particular, Microstrategy already owns about 38,000 BTC worth more than $416 million. Square is still lagging in terms of investment in Bitcoin, but the “ice has broken”, and the purchase of a $50 million crypt speaks volumes about adjusting the internal strategy for diversifying funds.

Other companies have also followed Microstrategy and Square lead and announced their desire to invest in Bitcoin as a hedge asset. According to BitcoinTreasuries.org, public companies currently own 610,302 BTC ($7.9 billion), while private companies hold 175,697 BTC ($2.3 billion) in treasuries.

Bitcoin demand rises, banks worry

The interest of large companies in Bitcoin signals a warming attitude towards cryptocurrency at the so-called “top rank”. The transformation of Bitcoin’s valuation from a speculative asset into an investment instrument is perhaps becoming one of the main trends in 2020.

Also, the giants of the financial market consider Bitcoin as a means to modernize the payment system. An example is PayPal, which recently announced its readiness to include support for Bitcoin and other digital coins in its transaction gateway. After activating this function, users will be able to sell, buy digital assets, pay for purchases with them and, of course, store them in an account.

Central banks have also failed to ignore the growing demand for Bitcoin and cryptocurrency in general. The idea of ​​introducing a digital currency that complements their physical form is already being considered at the project level by large countries such as China and the US.

As an investment instrument, BTC is extremely attractive; it is now in a growing channel and is in no hurry yet to break through support levels. If we talk about cryptocurrencies in general, then BTC is practically one instrument today that shows an increase. The rest of the cryptocurrencies are in a flat and are not particularly interesting for trading. So whoever wants to trade or invest, it is better to do it through the BTC/USD pair.