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May 7 Update: Institutional Bitcoin adoption is surging at an unprecedented rate as the King of Cryptocurrencies joins traditional balance sheets. Here is what’s up.
Bitcoin and crypto adoption are on the rise as governments and institutions seek to strategically position themselves in the digital assets market and the next financial revolution. On May 7, the market saw major institutions reveal their stance and plans in regards to BTC adoption. The following are today’s major updates:
- Revolut, the $488 billion fintech giant with over 50 million user base, has revealed intentions to integrate the Bitcoin Lightning Network, enabling large-scale, faster and cheaper BTC transactions.
- Jetking, a public Indian company, is raising billions to acquire 18,000 BTC as per its CEO, Harsh Bharwani, suggesting new Bitcoin Interest from Asia.
- Strive Capital, the $2 billion firm backed by Ohio gubernatorial candidate Vivek Ramaswamy, plans to go public as a Bitcoin Treasury Company, starting with $1 billion worth of BTC
In other stories, the CEO of Strike, Jack Mallers, has told CNBC that Bitcoin is “humanity’s biggest tech opportunity”. According to him, BTC is targeting $500 trillion in global wealth. Additionally, Trump’s adviser, David Bailey, is reportedly raising $300 million for a Public Bitcoin Treasury Company, suggesting a heated institutional BTC adoption.
