In the last few months, we have seen institutions continue to enter Bitcoin slowly.
This is best demonstrated by the Grayscale Bitcoin Trust, which is the most preferred way for institutional investors to get exposed to Bitcoin.
The trust bought approximately 62,972 BTC over a 12-week period. In the same interval, 125,368 coins were mined.
This means that the company has bought half of the coins minted in the last three months.
There is obviously a demand for the digital asset of Wall Street. According to Fidelity Investments, there are three reasons why institutions have become involved in the crypto space.
On June 9, Fidelity Investments released its second annual survey of institutional investors and digital assets.
The study revealed some very interesting things. 36% of respondents have some kind of exposure to the crypto market. There were also three main reasons why Wall Street sees potential in this market.
1 – Cryptocurrencies do not correlate with other assets.
2 – Cryptocurrencies and blockchain are innovative technology.
3 – Digital assets have a ‘high profit potential’.