Bitcoin on the brink of cardinal breakthroughs

NYDIG chairman hints at the possibility of new high profile investments
  • Bitcoin’s infamous market volatility has finally been sufficiently tamed in the recent past
  • Investments by companies such as Tesla and MicroStrategy have lent a huge impetus to the crypto’s growth story
  • Experts analyse that this may be just the beginning as several companies are in line to get their hands on the new phenom

When the first genesis block of Bitcoin was mined in 2009, people had no idea the uproar it would cause in established FinTech systems worldwide. Within a short span of two years, BTC had achieved break-even with the US dollar. It has leapt over insurmountable odds to overtake gold as the most conventionally expensive resource globally.

Investor sentiments are key

Most of the market volatility surrounding any particular commodity is dictated by the public’s perception of said commodity. Cryptocurrencies are not an exception to the rule. Their initial sluggishness can be attributed to weak trends in the market. However, all hell broke loose when Tesla infused $1.5 billion in Bitcoin in early February of 2021. MicroStrategy, a long time advocate of cryptos, made smaller yet regular investments in several crypto tokens. MasterCard announced its decision to accept cryptos as a legitimate form of transactions. These are just a few top-of-the-head names of companies that recently invested in virtual tokens. Thus, cryptocurrency’s meteoric rise was merely a causality.

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However, it all may just be the beginning. More investments to the tune of billions are probably being lined up.

Major milestones in a week

Robby Gutman, the CEO of a Bitcoin investment firm NYDIG, hints at the possibility of a fresh infusion in the crypto realm in a week. Robby is also one of the founders of the asset manager Stone Ridge valued at $10 billion. The firm has some high profile partners such as Morgan Stanley, New York Life, MassMutual, Nymbys and Moven, to name a few, with which the firm had recently finished a growth capital round valued at $200 million. This makes Robby’s passive hint all the more interesting. It is also worth noting that the firm has a dedicated financial solutions suite, named ‘Corporate Treasury’, which is particularly created to enable its clients to acquire Bitcoin. Even as NYDIG holds about $3 billion in virtual assets alone, it had recently requested permission from the SEC to launch its own BTC exchange-traded fund (ETF).

If the rumours prove true, then enthusiasts should invest in cryptos right away.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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