B — Bitcoin

Bitcoin Surpasses $20,000 As The Avalanche of Institutional Investors Continues

16 December, 2020




 

For the first in history, Bitcoin topped the key threshold of $20,000. The move came after announcements that more insitutional investors decided to jump in the crypto universe. According to Bloomberg, Eric Peters, chief executive officer of One River Asset Management, said the firm “has commitments that will bring its holdings of Bitcoin and Ether to about $1 billion as of early 2021“, after quietly buying more than $600 million in cryptocurrencies.

 

 

In the meantime, Coindesk revealed that U.K.-based investment firm, Ruffer, has exposure to bitcoin currently totaling around £550m. The article reminds that “ambiguous wording in Ruffer’s initial shareholder memo created uncertainty whether the investment was 2.5% of the multi-strategy fund or 2.5% of the funds total more than $20 billion in managed assets.”

 

 

Over the past few weeks, other institutional investors also released statements disclosing positions in cryptocurrencies. It confirmed a new trend that can partly explain the rebound in Bitcoin price this year.