Bitcoin [BTC] witnessed robust growth during the past day as it broke above $8700 resistance. The total market dominance of Bitcoin also increased by about a percent as altcoins adjusted to the growth in Bitcoin [BTC]. The total market capitalization of Bitcoin has added about $10 billion in the past two days.
Institutional Interest with Increasing Belief in Bitcoin
Edith Yeung, a partner at Proof of Capital, Venture Capitalist and China internet expert, recently took an interview in which she reiterated talked about Bitcoin and the Global Financial instability. She closely related to the analogy of Bitcoin being digital gold looking at its growth in the current economic conditions.
“In Latin America and South America, the FIAT currency is 15 Euro low. There is political instability… Buy Bitcoin just in case if there is anything happening to that country.”
Moreover, she also expressed optimism in the rising interest of Bitcoin in institutional spaces, which is uncorrelated to the turmoil, but due to the increasing interest in the area. She firmly asserted that she believes in Bitcoin.
According to her, Bitcoin is a force that is affecting the markets at large. Facebook is making the most recent development via GlobalCoin/Libra. However, she also noted the products being released by institutions like Fidelity with its custody and trading platform, JP Morgan with JPM Coin, and Goldman Sachs’ investment in BitGo.
Reportedly, a consortium of 14 banks in the US, Europe, and Japan have invested $63.2 million for the development of USC (Utility Settlement Coin). These banks include Barclays and Credit Suisse. She said,
“You know what may be Bitcoin is a thing finally, that we should think about not just on the payment use cases but also think about if different banks and individuals are going to store bitcoin on their own. Maybe bank should also do something about this.”
Where do you think Bitcoin [BTC] is headed in by the end of this summer? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com