Governments and institutional whales have been diving deep into bitcoin and other cryptocurrencies over the past month. Is this FOMO or new trust in crypto?
Large-scale Bitcoin acquisition race is accelerating as major corporations from Asia to Wall Street seek a hedge against economic uncertainties. The fear of missing out (FOMO) on the “digital gold” and favorable crypto policies under President Trump’s administration could be fuelling corporate stacking of BTC.
Additionally, following the recent trade war and stock market crash, institutions have been forced to consider digital assets for portfolio diversification. As a result, the market has seen major corporate buys in the past 24 hours. The following are key market developments of the day;
- Metaplanet, nicknamed “Japan’s Microstrategy,” has added $13.4 million worth of BTC, making its stash hit 5,000 BTC valued at $460 million at an average buy price of $89.9k.
- BlackRock, the biggest asset manager globally, has scooped 6,890 BTC worth $ 643.2 million in the latest of its several buys.
- HK Asia Holdings is raising HK$65M ($ 8.3 million) to quench its appetite for BTC reserves.
The corporate buys suggest long-term investor conviction and a bullish signal for the market. Some influential figures have argued that this could be the last year for investors to buy Bitcoin under $100k. This comes into consideration of BTC’s rising demand against its capped supply of 21 million coins.
