Bitcoin is getting mainstream as Musk and BNY Mellon embraced the token

Bitcoin winning institutional acceptance
  • Bitcoin is getting more mainstream as multi-billionaires, and America’s oldest bank is backing the token
  • The cryptocurrency has begun to gain institutional acceptance in fear of inflation
  • Bitcoin trading has become the most famous trade in the United States

Bitcoin is getting more and more mainstream attention from larger firms and whale investors since Q4 2020. Recently it is revealed that Elon Musk, the CEO of Tesla, has invested $1.5 billion in Bitcoin in December. In addition, Bank of New York Mellon, America’s oldest traditional bank, announced that it would be custody cryptocurrency. On the other hand, Mastercard announced that it would soon add crypto payments.

Bitcoin attracting headlines from news outlets

In recent days, it is observed that Bitcoin is attracting several headlines from news outlets around the world. On Saturday, Financial Times, one of the world’s leading global publications, has published the Financial Times UK edition’s front page. The news includes whether the token is getting mainstream as Musk and BNY Mellon are backing the flagship cryptocurrency.

Bitcoin is starting to gain institutional acceptance

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Bitcoin is getting institutional acceptance as Elon Musk and BNY Mellon, are embracing the Cryptocurrency. Miami’s mayor is also proclaiming to get its city to buy the coin designed by Satoshi Nakamoto. According to analysts in the cryptosphere, price rose because of the fear that the government stimulus will ultimately ignite inflation. However, the BTC proponents believe that the strings of direct and implicit endorsements from financial firms will now drag the volatile crypto into the mainstream.

BTC is the most crowded trade in the American market

According to Bank of America, observing several fund managers, it is revealed that Bitcoin is the most crowded trade in the nation’s markets. On the other hand, some government officials and policymakers are spreading cautions regarding what the users see pure is a distilled example of mania. Means the recent soaring prices look less like a trend and more speculative atmosphere, where one high profile tweet can trigger the price higher. 

The flagship cryptocurrency is emerging from the shades, being co-opted by establishment firms and getting a legitimate alternative in investment portfolios. Following some facts including idle fascination, scepticism, and occasional mockery, many in the cryptosphere are concerning whether the token will ever play a minor role.

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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