A team of JP Morgan analysts is confident that an additional influx of institutional money is primed to flow into Bitcoin.
The team led by Nikolaos Panigirtzoglou says the wealthy are withdrawing gold investments as Bitcoin continues to attract institutional support.
According to the team, Bitcoin currently only holds 0.18% of family office assets, whereas gold exchange-traded funds hold 3.3% of the assets of the same group. If the noted shift continues to occur between gold and BTC, the number one cryptocurrency could be set to receive billions of dollars worth of investments.
The data suggests that “the adoption of Bitcoin by institutional investors has only begun,” says JP Morgan.
Meanwhile, digital asset investment firm Galaxy Digital is highlighting that Bitcoin is now an asset that’s recognized at the institutional level.
In the Galaxy Fund’s November newsletter, the firm names the institutional players who have bought into Bitcoin’s story such as Wall Street legend Bill Miller, notable macro investor Stanely Druckenmiller, BlackRock’s CIO Rick Rieder and hedge fund manager Ray Dalio.
Says Galaxy on the wave of institutional support,
“This past November should be remembered as a time when Bitcoin became about the investor. As our CEO Mike Novogratz indicated, ‘the herd is coming,’ and now it seems the first members of that herd are beginning to arrive.”
The firm also finds bullish news in the regulatory space, spotlighting the election of Bitcoin bull Cynthia Lummis (WY-R) to the Senate and the acting Comptroller of the Currency Brian Brook’s support for digital assets.
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