Coinbase: Every institution is starting to hold Bitcoin

By KMatt | Blogging Crypto | 23 Feb 2024

Brian Armstrong, CEO of Coinbase, made strong statements during the Q4 2023 Earnings Call, stating that “Every institution is starting to hold cryptocurrencies.”

Coinbase holds Bitcoin in 8 of the new Bitcoin Spot ETFs launched in January, holding approximately 90% of the $36 billion in assets in these ETFs, including Grayscale. Additionally, over $4 billion in net inflows were recorded into spot Bitcoin ETFs, a clear sign of growing investor interest.
The CEO underlined how Bitcoin is destined to become a "standard asset class", i.e. an integral part of every diversified portfolio. The financial system is officially adopting cryptocurrencies, an irreversible trend that will have a significant impact on the global economy.

An obvious fact (today, perhaps it wasn't a year ago) is that asset managers like BlackRock currently hold many more Bitcoins than any other retail investor, including Satoshi Nakamoto.

To conclude, in the medium to long term, the scenario described by Armstrong is that of a market that is slowly strengthening and which still has large unexpressed potential.
The CEO also underlines that, as far as ETFs in general are concerned, Bitcoin is now the second commodity overall, even ahead of silver, surpassed only by gold.



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