Wall Street Interest In Crypto Booms: Investors Pumped $608 Million Into BTC And Crypto Funds In 2019
2019 was an excellent year for the crypto space, marking a lot of achievements and taking the crypto industry closer to the mainstream adoption. There have been a lot of moves made towards the accomplishment of this enormous goal.
Also, it’s important to note that institutional investors came to the crypto space, which also marked an achievement.
Wall Street interest in crypto is booming
It’s been revealed that Wall Street interest in BTC and crypto markets is booming says the digital asset manager Grayscale.
The company said that 2019 was the biggest year on record with a yearly investment into its products, reaching $607.7 million.
The number surpassed the cumulative investment from the past five years combined. The total investment across Grayscaale’s products now stands at $1.17 billion.
Grayscale said that the investor base managed to expand by about 24% in 2019 with new clients accounting for $146.9 million.
The company offers exposure to BTC via the flagship product, the Grayscale Bitcoin Trust (GBTC).
The online publication the Daily Hodl reveals that it also offers altcoin trusts, including Ethereum, XRP, Bitcoin Cash, Litecoin, Stellar, Zcash, Ethereum Classic, and Horizen.
We recommend that you check out Grayscale’s complete report in order to see more details.
Optimistic Bitcoin and crypto predictions for 2020
Despite the volatility of the crypto market, the optimistic predictions regarding the prices for the digital assets and various developments in the crypto space keep coming.
Earlier today, we reported that the overall crypto Twitter sentiment is that BTC could hit $20k soon.
Another prediction claims that BTC could hit $16k by the end of this year.
At the moment of writing this article, BTC is trading in the red, and the most important coin in the crypto space is priced at $8,882.95.
This year, BTC recorded its best start to the year since 2012. Optimism is back to the crypto market following a crash after the 2017 high.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.