Institutional wave of BTC adoption follows new all-time highs

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  • Coinbase becomes the first cryptocurrency exchange to have a public listing.
  • AXA Switzerland joins Tesla in accepting BTC as a form of payment, while MicroStrategy pays its board using this crypto.
  • Bitcoin price remains bullish from a technical and on-chain perspective.

Bitcoin price hitting a new all-time high and Coinbase’s direct listing are perhaps two of the most important developments surrounding the pioneer cryptocurrency over the past week. As the hype fades, BTC price retraces, creating a base for the next leg up.

Coinbase, the poster child of crypto

US-based cryptocurrency exchange Coinbase went public on Wednesday under the ticker COIN.  Such a historic moment was recorded on the Bitcoin blockchain as mining pool company F2Pool coded a headline from The New York Times at block height 679,187. 

NYTimes 10/Mar/21 House Gives Final Approval to Biden’s $1.9T Pandemic Relief Bill.

The message resembles the one Bitcoin’s creator, Satoshi Nakamoto, left in the genesis block to express disdain at the traditional finance system.

Since the direct listing in Nasdaq, COIN has retraced 24.05%, going from a high of $429.94 to trade at $326.55 at the time of writing. Despite the significant price slump, institutional investors are already taking advantage of the downswing to buy the shares at a discount. 

Cathie Wood, portfolio manager and CEO of ARK Investment Management, dumped $178 million worth of Tesla (TSLA) to scoop up nearly 750,000 COIN shares worth $246 million. 

Now, it would be interesting to observe how Bitcoin price action will affect Coinbase’s stock performance and whether those institutions that have stayed away from cryptocurrencies will gain exposure to COIN. 

Institutional adoption wave hits the shore

Institutions have gone from criticizing Bitcoin to scooping up almost 1.00% of BTC’s total supply. MicroStrategy, Tesla and Galaxy Digital Holdings lead the pack with over 155,981 BTC in their portfolios. 

Moreover, insurance giant AXA Switzerland revealed on Thursday that it would follow Tesla’s steps and allow its customers to pay premiums in BTC. The firm’s Head of Open Innovation, Claudia Bienentreu, affirmed:

This is AXA’s response to growing demand from its customers for alternative payment solutions, with new technologies playing an ever greater role

On the same note, enterprise software company MicroStrategy announced on Monday that it will pay its board of directors using Bitcoin.

On April 11, 2021, the Board of Directors (the “Board”) of MicroStrategy Incorporated (the “Company”) modified the compensation arrangements for non-employee directors. Going forward, non-employee directors will receive all fees for their service on the Company’s Board in bitcoin instead of cash.

Even though these positive developments are helping push forward Bitcoin’s mainstream adoption, its price took a hit recently after recording new all-time highs.

Bitcoin…



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