Bitwise’s CEO, Hunter Horsley, highlighted the quiet but significant increase in Bitcoin (BTC) use among registered investment advisors (RIAs) and multi-family offices. He also emphasized that this adoption by financial institutions tends to be discreet.
Bitwise CEO Highlights Growing Bitcoin Adoption
Many RIAs and multi-family offices are currently purchasing bitcoin in secret, according to a post on X Horsley. The CEO of Bitwise, however, mentioned that the extent of this institutional adoption of bitcoin remains undisclosed to the public.
He remarked, “You can search thoroughly on LinkedIn or company websites, but you’ll find it hard to come across any information about it.” However, Horsley disclosed that his conversations with RIAs and family offices were not only plentiful but also highly productive. In fact, he mentioned that “I’ve had ten meetings with RIAs and family offices this week alone. Each one ran longer than expected – one even went on for over two hours.”
Furthermore, the CEO of Bitwise shared his excitement about the detailed conversations and genuine curiosity from financial institutions regarding Bitcoin. Horsley commented, “The level of dialogue is truly invigorating. Several of these firms have brilliant minds who understand the potential, are forward-thinking, and consider how it can be integrated.”
The importance of these transactions in the spread of Bitcoin among conventional financial institutions was highlighted by Horsley, who stated, “We’ve moved onto a new stage.” This announcement comes as the Bitcoin Halving approaches, an eagerly awaited event within the Bitcoin community. During the Halving, the reward for mining Bitcoin will be cut in half, which has previously led to substantial price increases for Bitcoin.
BTC Price Rebounds
Today, Bitcoin’s price broke through the $64,000 barrier, representing a substantial bounce back from its previous crash low of $59,000. Currently, the BTC price has climbed by 5.33% to reach $64,764.97 as of April 19’s press time. Simultaneously, Bitcoin’s market capitalization reached an impressive $1.27 trillion.
Additionally, the Bitwise CEO strongly reiterated his prediction of Bitcoin reaching $100,000 following the Halving event. In a recent article on X, Horsley emphasized that the market is underestimating the impact of the Halving. With Bitcoin’s price dipping to $59,000 and uncertainty surrounding the market sentiment, Horsley draws comparisons to past Halving occurrences.
In the past Halvings, including the one in 2020, investors experienced extraordinary returns. Specifically, their investments grew by an impressive 5.4 times in 2020. Similarly, there were gains of 2.8 times in 2016 and a mind-blowing 88 times in 2012. Looking forward to the next Halving, Horsley made a confident statement, estimating that Bitcoin could reach $100k, which represents a potential increase of 67% from its current price.
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2024-04-19 12:57