Here are some of the financial institutions that have invested in Bitcoin in 2020, as a protection against the economic crisis.
In recent weeks, there has been a significant interest in the acquisition of Bitcoin by financial institutions. Many of them have done so out of a genuine belief that such an asset will potentially increase in price. Today we’ll introduce you to the most prominent ones that have invested in Bitcoin, in 2020.
A recent study by Trustnodes revealed that large companies have invested around $10 billion in Bitcoin.
Likewise, a new presentation of the Blockchain Summit Latam, commented on the institutional investment in Bitcoin. Specifically, on the fourth day, which took place on November 5, Joaquin Moreno, founder of BTCenEspañol, presented a paper entitled: Why public companies are buying Bitcoin as an investment?
In particular, starting this year, two financial institutions were able to invest in Bitcoin. They are MicroStrategy and Square. He detailed that there are 23 public business organizations that own 770,000 Bitcoins.
The institutions take bullish bets on Bitcoin
It’s one of the financial institutions that have taken refuge in Bitcoin. Currently the company has approximately 500 million dollars in BTC.
In this regard, Michael J. Saylor, CEO of MicroStrategy, announced that his company had purchased a substantial amount of BTC ($250 million at the time). This investment was made as an inflation protection.
„This investment reflects our belief that Bitcoin is a reliable deposit of value and an attractive investment asset with more potential for long-term appreciation than cash.
Indeed, the company currently holds approximately 70% of its shares in BTC.
The head of Galaxy Digital, Mike Novogratz, announced that he had increased his position at BTC. This decision was made by projecting the recent Bitcoin rally.
On October 8, Jack Dorsey said that they had purchased approximately 4709 BTCs for a price of $50 million. This represented 1% of the total assets that Square reported for the second quarter of 2020.