🚀 VanEck Report: Institutional and sovereign interest in Bitcoin surges 🌐
As institutions and countries jump on the Bitcoin bandwagon, institutional adoption of exchange-traded products (ETPs) continues to rise, and sovereign states begin to participate in Bitcoin mining and global trading. This craze is driving Bitcoin’s popularity. Global adoption.
VanEck’s latest report on September 19 showed that Bitcoin’s correlation with Nasdaq and stocks is changing, but its inverse correlation with the US dollar remains strong. This could mean Bitcoin is about to break from the status quo, and the debt ceiling deadline and the U.S. presidential election could be key factors driving this change.
The report also highlights the shift from NFTs to currency adoption, with Bitcoin’s on-chain transfer volume increasing by 202% year-on-year in U.S. dollars, showing that Bitcoin’s adoption as a currency is increasing.
It is believed that as more and more institutional investors join the ranks of Bitcoin investment, and sovereign countries begin to participate in Bitcoin mining activities, the market stability of Bitcoin has been significantly enhanced.
In particular, the spot Bitcoin ETF launched in the United States has attracted an inflow of up to US$17.6 billion since its launch in January this year.
This not only injects strong impetus into the Bitcoin market, but also heralds the increasing status and influence of Bitcoin in the global financial system.
Meanwhile, Bitcoin is mined in seven countries around the world with government support, a trend that may herald global de-dollarization efforts and strengthen Bitcoin’s status as a global reserve asset.
All in all, with institutions and countries getting on board, Bitcoin’s future looks brighter than ever. Therefore, we have reason to believe that Bitcoin will continue to play an important role on the global financial stage.
