Bitcoin shares are publicly traded for the first time.
According to Pompliano, Bitcoin already represents a digital version of gold. Comparing gold and Bitcoin markets, Pompliano noted that the later will eventually become a bigger one.
Bloomberg suggests that Bitcoin price is sixfold that of gold per ounce. It further cited that Bitcoin is undervalued under prevailing conditions.
Within the last hour Bitcoin (BTC) price pushed through the $11,000 level in a high volume surge which saw the price reach a new 2020 high at $11,394. At the time of publishing the price has pulled back slightly to the $10,800 range.
Grayscale Investments released its detailed Q2 2020 digital asset report and noted that approximately 84% of its investment came from institutional investors.
Bitcoin OTC trading is believed to surge in 2020 as today crypto derivatives exchanges provide clients with high transparency ratings and impressive security.
Kevin Rooke reported that Grayscale Investment had increased its purchase rate of new Bitcoins mined after the halving event by 150%, which demonstrates an increased demand for the cryptocurrency.
$160.1 million of the $503.7 million raised during the first quarter of 2020 is the inflow from new investors. According to Grayscale, the source of 88% of the funds came from hedge funds and other institutional investments.
Ethereum has managed to get a sizable price boost as JPMorgan and Grayscale reportedly make huge business with the cryptocurrency. But it has become known that Grayscale investors buy Ethereum coins at more than 300% premium.
Grayscale has a record-breaking Q4 2019 while garnering $225 million in a single quarter. Grayscale says that 71% of its investments came from institutional players who are now showing interest in the company’s other crypto-based products.
While Bitcoin’s 2019 has not been the worst thing on average, a recent downward trend has disappointed many investors. However, analysts expect things to change soon.