With a strong overnight rally, Bitcoin has exhibited that it had no attention of slow dowing. After temporarily falling as low as $25,830 over the past 24 hours. The price of Bitcoin has surged almost 7.5% to hit over the $28,000 mark once again.
Some crypto analysts believe that the growing interest of institutional investors is mainly driving the Bitcoin bull run. Mike Novogratz, a billionaire investor, stated that Bitcoin is now an institutional asset. He said, “Bitcoin is now an institutional asset. Period the good thing is most institutions aren’t in yet. It’s why 2021 will be as good or better than 2020.”
Market reports and industrial data analysis show that another publicly-traded firm is planning to invest in bitcoin. On Monday, Greenpro Capital, a business incubator, announced that it aims to raise a Bitcoin Fund for investment.
The announcement highlights that the firm will employ cryptocurrency exchange CryptoSX, a subsidiary of Greenpro, to get Bitcoin. Greenpro CEO CK Lee said:
“We fully believe in $BTC as a store of value. I’ve instructed our investment bankers to raise debt in Q1, 2021 of up to US$100M to invest in $BTC. The Company will also invest its own cash into $BTC.”
Microstrategy also Purchases Bitcoin through Convertible Notes
Leading the charge, the US business intelligence firm MicroStrategy also acquired Bitcoin by selling $400 million convertible senior notes. The company started its Bitcoin campaign by investing almost $183 million in the digital asset in August. Just a month later, the business intelligence behemoth additionally invested more than $175 million into the asset, bringing the total numbers to 38,250 BTC, worth $425 million.
As of now, Microstrategy is the fifth-largest individual hodler of Bitcoin. It possesses almost 70,470 BTC, acquired at an average price of $15,964 per Bitcoin. This figure places the firm ahead of the United States government, which holds almost 69,420 BTC.