Original text by Tom Westbrook, Vidya Ranganathan, Sriraj Kalluvila
Compilation: Carbon Chain Value Voe
Bitcoin is the world's first and most famous cryptocurrency. As the legitimacy of the asset is recognized, the price of Bitcoin has recently hit new highs. Among them, the surge in investment interest in Bitcoin by large US investors has pushed up its price. One of the main reasons.
Bitcoin has gradually moved towards the mainstream over the past few months as major corporations, large investors, banks and payment processors have taken steps:
Bitcoin recognized by the investment community
May 2020:
Fund manager Paul Tudor Jones has suggested that Bitcoin should be used as a store of value.
August 2020:
MicroStrategy, a business software giant led by Michael Saylor, announced the purchase of 21,454 bitcoins for $250 million, which can be said to be the "first shot" of large companies investing in bitcoin.
November 2020:
Billionaire investor Stanley Druckenmiller and BlackRock head of fixed income Rick Rieder have positive comments on Bitcoin, both of whom believe that Bitcoin Can be used as a gold substitute.
January 2021:
Investment bank JPMorgan Chase & Co said that if Bitcoin becomes a recognized "safe haven," its price is expected to reach $146,000.
According to data disclosed by asset management company CoinShares, the weekly inflow of funds into cryptocurrency funds and products has reached a record 1.3 billion US dollars, and the related total investment scale has also reached a new peak of 34.4 billion US dollars.
February 2021:
Electric car maker Tesla Inc. has announced a $1.5 billion purchase of bitcoin and said it will soon accept bitcoin as a form of payment for vehicles.
Big companies that now own bitcoin include: 169-year-old insurance giant MassMutual; asset manager Galaxy Digital Holdings; payments company Square founded by Twitter CEO Jack Dorsey; Canadian software company Snapper; Mining listed companies Marathon and Argo.
Increased Bitcoin Acceptance
July 2020:
The Office of the Comptroller of the Currency, the U.S. bank regulator, says domestic banks and federal savings associations can offer cryptocurrency custody services
October 2020:
Payment processing provider PayPal allows customers to keep bitcoin in its digital wallet and supports bitcoin purchases at 26 million merchants on its network.
February 2021:
Mastercard has revealed plans to support cryptocurrency payments through its network.
Bank of New York Mellon (BNY Mellon) announced the launch of a new digital currency custody department to help users trade various digital assets including cryptocurrencies, and will expand its business to stable coins such as USDC, as well as tokenized securities and real estate in the future. It is even expected to eventually serve as a central bank digital currency (CBDC).
Purpose Investments, an asset management company based in Toronto, Canada, has launched the world's first Bitcoin exchange-traded fund (BTC ETF).
The parent company of SBI, Japan's largest online brokerage, said it plans to form a cryptocurrency joint venture with an overseas financial company. SBI CEO Yoshitaka Kitao said that the company aims to expand its business and has plans to use cryptocurrencies as a core pillar of corporate profitability, but he declined to disclose information on potential partners.
