Anthony Pompliano says that chief investment officers pulling the strings at multibillion-dollar institutions are investing some of their personal wealth in Bitcoin.
Pompliano, a co-founder of Morgan Creek Digital, believes the institutions they manage will soon follow.
NEW TREND: I’ve met with multiple CIOs at multi-billion dollar institutions lately.
The firms aren’t invested in Bitcoin yet, but the CIOs are.
That will quickly change ?
— Pomp ? (@APompliano) July 24, 2019
The MCD partner also notes that “institutions around the world are waking up to the potential upside of Bitcoin and the crypto industry.”
Bitcoin’s 2019 resurgence has been accompanied by a host of rumors and anecdotes about rising levels of institutional interest in crypto.
Oliver von Landsberg-Sadie, founder and CEO of BCB, a cryptocurrency prime broker that caters to institutional investors, recently told Coindesk that his company ushered nine financial institutions located in the UK into the crypto market. They now have 32 banking and over-the-counter trading institutions on board, most of which entered the fold this year.
Additionally, the Chicago Mercantile Exchange reported that May showed massive growth with 223 new trading accounts, making it the most successful month for its Bitcoin futures product since launching in December 2017.
New onramps for institutional traders are also rolling out.
Binance, the largest cryptocurrency exchange by trading volume, says it introduced margin trading in response to high demand from institutional traders.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. » Read Full Article «