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- #Over 100 Companies Hold Over 830,000 BTC#
According to reports as of June 19, more than 100 companies collectively hold over 830,000 BTC, worth about $86.476 billion.
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Bitcoin (BTC) and Gold Are Bullish, It's Bear Time for Fiat Money! Bitwise Explained Why!
The leading cryptocurrency Bitcoin has seen a significant increase in institutional acceptance in recent months. At this point, many companies are buying Bitcoin, and the Nasdaq-listed healthcare company Prenetics Global has become the latest company to join the corporate Bitcoin accumulation race.
While the increase in institutional acceptance draws attention, Bitwise CIO Matt Hougan spoke about the demand for BTC.
Matt Hougan argued that global investors are now questioning the future of the fiat currency system and have started to turn to Bitcoin and gold as safe havens.
Hougan stated that he believes the world has started to question the foundations of the fiat money system, which has been seen as the definition of the modern economy since the early 1970s.
At this point, Hougan stated that the fiat currency system is no longer considered stable and secure, and that central banks are turning to gold to protect against the depreciation of their currencies, while investors are increasingly turning to Bitcoin as a digital alternative.
The Bitwise CIO stated that central banks, which were routine gold buyers before 1971, entered a period of unlimited money printing by abandoning the gold narrative, but started buying gold again due to increasing concerns about fiat currency after the 2008 financial crisis.
Hougan, who noted that purchases of Bitcoin with gold have also increased recently, stated that a total of $45 billion has been invested in Bitcoin ETFs starting from January 2024, while only $34 billion has been invested in gold ETFs during the same period.
At this point, Hougan added that traditional portfolio strategies are now risky.
Finally, Hougan stated that Bitcoin will emerge as a modern store of value due to rising inflation concerns and decreasing trust in currencies issued by the government. He also emphasized that this will further strengthen the need for investors to include alternatives like Bitcoin and gold in their portfolios.
*This is not investment advice.
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