Institutional investors hold 3% of all Bitcoin in circulation presently. This shows that institutions who were hitherto reluctant to join the crypto fray are beginning to rapidly throw their weight behind the industry as they now see it as a viable investment option and also a vast opportunity to hedge against the rising inflation in the world. Available data shows that 24 corporate bodies hold over 460,500 BTC, which translates to $22 billion at Bitcoin’s current price.
Notable among the holders of Bitcoin is Grayscale Investment company that holds over $21 billion worth of the asset which makes it the largest holder among institutions. The investment company has gobbled BTC at a very incredible rate and has also recently begun diversifying its portfolio into other crypto assets.
Another notable institution that is holding the crypto asset is Microstrategy. Microstrategy owns over 70,000 units of the asset and through its CEO, Michael Saylor, the firm has reiterated its commitment towards more investments in the digital currency. Not only that, the firm also recently held a pro-BTC conference where it called on other corporate institutions to adopt the virtual coin.
Other investors like Tesla, Square, Mass Mutual, and the rest of them also hold a significant amount of the asset which has played a part in raising the popularity and adoption of the digital coin by the public.
Michael Novogratz, a leading voice in the crypto space, highlighted his belief that a supply shortage of BYC could occur especially if institutions keep up with their current buying spree. This, analysts have predicted, would further help to push the price of the “digital gold” higher.