Institutional investors, including hedge funds, asset management companies, and nonprofits, are showing a growing interest in bitcoin, according to analysts at investment firm VanEck. This is due to the fact that these groups see bitcoin as a potential store of value. According to VanEck, there are currently 175 billion Bitcoin held by various entities, including governments, ETFs, and both public and private companies.
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Do you know anything else? Analysts have also noted that, due to the asset’s user-friendly infrastructure, more and more businesses and merchants are accepting Bitcoin as payment.
Among the firms given the green light to introduce a spot Bitcoin ETF by the US regulator in January of this year was VanEck. It charges a 0.25 percent management fee for its product, which is traded on the CBOE under the symbol HODL. Over $470 million has flowed into the fund since it began trading, and it oversees assets valued at more than $599 million.
Brink, a nonprofit that helps fund open source projects on the Bitcoin network, receives five percent of the fund’s management profits from the company.
Standard Chartered (LON:STAN) analysts have acknowledged that the rate could fall to $50,000 under the current circumstances.