Bitcoin was created as a universal tool allowing everyone to freely access a borderless and independent money. However, as it becomes increasingly attractive in comparison to fiat money, not to mention a totally new class of asset, financial institutions are more and more invested in it.
Crypto funds, whether they are traded on an exchange or over-the-counter, have popped up all around the world (with the highest concentration unsurprisingly in the US), and money continues to pour into them as more and more investors are afraid to miss the train.
According to Coinshares recent report, crypto funds saw an impressive $8.7Bn of inflows since the beginning of the year, with $6.4Bn invested in Bitcoin, $1BN in Ethereum and the rest in altcoins, notably Solana, Cardano and Polkadot. $8.7Bn of inflows is 30% bigger than the whole previous year, and with the newly approved Bitcoin futures ETFs this figure is much likely to go up.
In LinkedIn October report the US job proposals involving “blockchain” or “crypto” grew 615% in August from a year earlier, with financial firms, and notably JPMorgan 😂, among the top employers.
Not having crypto in their portfolio becomes dangerous for the financial institutions, and it means a continuous growth of crypto demand. With the global amount of Assets Under Management estimated at $103Tr, there’s definitely a room to grow 🚀