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VanEck Report: They Hold $175 Billion in Bitcoin!
In its new report, VanEck said that a total of $175 billion of Bitcoin is currently held by ETFs countries, public and private companies. In the new report shared by VanEck company, which also has a Bitcoin spot ETF product, the value of Bitcoin held by countries was shown as 40 billion dollars. Additionally, the report included the following statements:
“Interest in Bitcoin among institutional investors has also increased. Hedge funds, asset management firms and endowments are increasingly recognizing Bitcoin's potential as a store of value. “Approximately $175 billion worth of Bitcoin is currently held by #ETFs , countries, public and private companies.”
The $175 billion figure currently corresponds to approximately 15% of the Bitcoin supply. VanEck launched a spot Bitcoin exchange-traded fund (ETF) that began trading in January. The fund has $600 million in assets under management, according to The Block Data Dashboard. VanEck also stated why Bitcoin is accepted as a form of payment and that the infrastructure has been created to make it easier for the average person to use, saying, “Merchants and businesses are now accepting Bitcoin more than ever.” said.
Finally, as of Thursday, Bitcoin's total market value is approximately $2.15 trillion. The price of the world's largest cryptocurrency by market cap dropped from $64,000 to $57,000 this week. At press time, #BTC is trading at $57,900, up 1.97%.
