This past Friday marked a milestone event in the cryptocurrency world with the debut of Bitcoin Investor Day.
The turnout was nothing short of remarkable, with attendance surpassing 800, making it the largest assembly of bitcoin-focused institutional investors to date.
The rapid organization of this event, in under 100 days, and the overwhelming response are testaments to the growing interest in bitcoin.
The roster of speakers delivered insightful perspectives. Key insights included:
- **Galaxy's Mike Novogratz** emphasized that bitcoin's ascent is tied to fiscal discipline. He pointed out that unchecked government expenditure has escalated from a concern to a crisis under the administrations of Donald Trump and Joe Biden. He believes bitcoin will continue its upward trajectory until there's a bipartisan resolve to curb spending.
- **Cathie Wood of Ark Invest** has revised her bitcoin valuation to an astonishing $3.8 million. She credits the SEC's reluctant endorsement for institutional investors' growing confidence, suggesting that a modest portfolio allocation above 5% could significantly boost bitcoin's value.
- **Anthony Scaramucci of Skybridge** advocates for a 'hold' strategy with bitcoin, advising investors to remain steadfast and ignore market fluctuations.
- **Robert Mitchnick from Blackrock** disclosed that their clientele prioritizes bitcoin, with ethereum a distant second, and negligible interest in other cryptocurrencies.
- **Hunter Horsley, CEO of Bitwise**, highlighted their extensive investor engagement, which has been instrumental in amassing over $2 billion in assets under management, competing with giants like Blackrock and Fidelity.
- **Grayscale's Research MD** hinted at a potential reduction in GBTC's management fees moving forward.
Recordings of these discussions will be released on my podcast in both audio and video formats in the upcoming weeks.
The most striking revelation for me was the profound impact of spot bitcoin ETF approvals on institutional interest. The contrast in discussions pre-and-post approval was stark, indicating a significant shift in sentiment.
While bureaucratic hurdles may delay some investments, the current price surge, even without full institutional involvement, suggests a growing demand that is likely to intensify post-halving. Should the trend continue, we can anticipate a steady rise in bitcoin's price through the end of 2024.
The long-anticipated institutional embrace of bitcoin is now a reality, with significant allocations underway.
It's a remarkable evolution to witness.
Wishing everyone a fantastic week ahead. Looking forward to our next update.
Warm regards,
[#OroCryptoTrends ]#ETHETFS #ETFvsBTC #altcoins #BlackRock $BTC $ETH $BNB
