Impact of public companies on the blockchain industry
By IBTimes Staff Reporter
Bitcoin Photo: Pixabay
In 2020, institutional investors have had the biggest impact on the entire cryptocurrency market. Back in late February, when the world was engulfed in a pandemic and economic crisis, analysts and experts from large companies began to look for alternative assets. Thus, many companies approached Bitcoin, which performed well during the crisis. Despite the collapse in the value of BTC in March 2020, which occurred synchronously with all quotes, the cryptocurrency very quickly regained its position, proving its independence from traditional markets.
In the summer, analysts at Fidelity Investments, which has more than $ 7 trillion in capital under management, surveyed 774 European and American companies. More than ⅓ confirmed investment in cryptocurrencies. Over the past year, another 5% of American companies have added cryptocurrencies to their portfolio, and now their share exceeds 27%. These include pension funds, hedge funds, family investment companies, and insurance companies. In Europe, almost half of the business representatives surveyed have already invested in cryptocurrency assets. Most of them choose Bitcoin as their main asset.