According to Coinbase, Institutional Investors invest 200 to 400 Million Dollars in Crypto per week!
So, institutional investors are getting on the Bitcoin train if what Coinbase CEO Brian Armstrong says is true.
Coinbase is well placed to know what institutions are doing in cryptocurrency and Bitcoin.
As explained in a previous article in our crypto news, Coinbase recently acquired from Xapo its cryptocurrency custody business for institutional investors.
https://bitcoincryptoadvice.com/coinbase-acquires-xapos-institutional-custody-business
Coinbase has become the world leader in the custody of cryptocurrency for institutionals with $7 billion in cryptocurrency deposit currently.
In a tweet, Brian Armstrong says:
“Whether institutions were going to adopt crypto or not was an open question about 12 months ago.
I think it’s safe to say we now know the answer. We’re seeing $200-400M a week in new crypto deposits come in from institutional customers.”
Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it's safe to say we now know the answer. We're seeing $200-400M a week in new crypto deposits come in from institutional customers.
— Brian Armstrong (@brian_armstrong) August 16, 2019
The statement coming from the CEO of Coinbase is therefore a positive news for the crypto market that awaits the next Bitcoin bull run.
The current crypto market is still sluggish, especially for the alts coins which are for many more than 90% at loss compared to the highest prices at the end of 2017 and beginning of 2018.
Coinbase, by acquiring the institutional activities of Xapo intends to consolidate its position of choice among institutional investors investing in Bitcoin and asking for guarantees, particularly in terms of cryptocurrency storage security.
The arrival of institutional investors in Bitcoin and cryptocurrency should revitalize the crypto market that needs it.
The launch of BAKKT on September 23, 2019 also confirms the arrival of institutional investors in Bitcoin and cryptocurrencies.
The coming months should confirm a market reversal for Bitcoin and cryptocurrencies.
It should also bring the retail investors back as for now, only institutionals seem to be quietly investing in Bitcoin and cryptocurrency.
Read our article about the launch of BAKKT in September 2019:
https://bitcoincryptoadvice.com/bakkt-will-launch-its-bitcoin-futures-on-september-23-2019
