Bitcoin Tops $41,500; Digital Asset Manager Grayscale Sees Rising Interest from Pension Funds
Bitcoin (BTC) continues on its massive price as the world’s largest cryptocurrency surges past $41,000 for the first time in history. As of writing this story, BTC is trading at a price of $41,264 with a market cap of $767 billion.
Bitcoin investors are having a phenomenal start to 2020 as the world’s largest cryptocurrency has surged more than 50% in just the first seven days of the year. The BTC price rally has been unstoppable since Q4 2020 and continues further.
Interestingly, with today’s price surge, Bitcoin has also left behind giant organisations like Facebook and Tesla. Thus, if Bitcoin (BTC) were to be a company, it will be the sixth largest by market cap. On the other hand, Bitcoin is also the third-largest asset class after Gold and Silver.
World’s largest digital asset manager Grayscale continues to see rising interest from institutions into Bitcoin (BTC). The newly appointed CEO of Grayscale Investments LLC recently told Bloomberg that pension funds and endowments are the new institutional class showing interest in Bitcoin.
Michael Sonnenshein, who recently took over as the CEO of the company said: “We’ve started to see participation not just from the hedge fund segment, which we’ve long seen participation from, but now it’s recently from other institutions, pensions and endowments. The sizes of allocations they are making are growing rapidly as well”.
The company’s most-popular and one of the world’s biggest Bitcoin funds - Grayscale Bitcoin Trust (GBTC) - now manages more than $23 billion in assets under management. GBTC alone holds around 3% of the total Bitcoin supply and allows institutions to gain exposure to the cryptocurrency by floating its shares in the market.
In an interview with Fortune, the Grayscale CEO that he has big plans to take the company forward. “I want to make Grayscale synonymous with digital investing like Pimco is with fixed income and Vanguard is with index funds,” he said. Mr. Sonnenshein has been instrumental in getting a basket of crypto products as Grayscale offerings over the last few years.
The Bitcoin rally continues even a day after the overall cryptocurrency market cap surged past $ trillion. Along with Bitcoin, several big altcoins have joined the crypto market rally with Ethereum leading the show. This is nothing short of historic and unprecedented!