The mainstream adoption of Bitcoin has been the main goal of the crypto industry this year.
Institutional money plays one of the most vital roles in all this, and it seems that we’re only at the beginning of this massive move towards the mass adoption of digital assets.
It’s been just revealed that JPMorgan analysts are confident that there’s a massive influx of institutional money that’s primed to flow into BTC.
Institutional money is flowing into BTC
According to the latest reports coming from the Daily Hodl, a team led by Nikolaos Panigirtzoglou said that the wealthy are withdrawing gold investments as Bitcoin continues to attract institutional support – the data is cited from Bloomberg.
The same team reported that “Bitcoin currently only holds 0.18% of family office assets, whereas gold exchange-traded funds hold 3.3% of the assets of the same group.”
It’s been revealed that if this shift continues to occur between gold and BTC, the king coin could be set to get billions of dollars worth of investments.
The data suggests that “the adoption of Bitcoin by institutional investors has only begun,” according to JP Morgan.
Galaxy Digital highlights that Bitcoin is internationally recognized
The same online publication mentioned above notes that the digital asset investment firm Galaxy Digital highlighted that Bitcoin is now an asset that’s recognized at an institutional level.
Galaxy has a few words to share on the wave of institutional support:
“This past November should be remembered as a time when Bitcoin became about the investor. As our CEO Mike Novogratz indicated, ‘the herd is coming,’ and now it seems the first members of that herd are beginning to arrive.”
Needless to say, Bitcoin has been in the spotlight a lot in 2020, the year of the global crisis.
Amidst the massive money printing spree in the US, people turned to Bitcoin, and they see the digital asset as a viable option for storing value.
Just the other day, Raoul Pal addressed Bitcoin’s massive potential.