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    Home » Institutional investment boosts bitcoin’s sustainability, says Reuters
    investment in BTC sustainability
    investment in BTC sustainability
    Blockchain

    Institutional investment boosts bitcoin’s sustainability, says Reuters

    By Sylvia ShenMarch 6, 2024No Comments2 Mins Read
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    • Reuters suggests that the recent surge in bitcoin’s value, driven by institutional investment, may be more sustainable than its 2021 growth.
    • Bitcoin peaked at $69,202 on Tuesday, propelled by enthusiasm for new U.S. spot bitcoin exchange-traded funds (ETFs) and expectations of Federal Reserve interest rate cuts.

    The recent significant surge in bitcoin’s value to a new peak could potentially have greater sustainability compared to its growth in 2021, due to the ongoing investment influx from established institutions into the cryptocurrency, according to Reuters.

    Bitcoin peaks on Tuesday

    The world’s largest cryptocurrency reached a value of $69,202 on Tuesday, fueled by excitement over the introduction of new U.S. spot bitcoin exchange-traded funds (ETFs) and the expectation of the Federal Reserve initiating a reduction in U.S. interest rates this year.

    Also read: Bitcoin all-time high: Records expected to fall as BTC nears $69,000

    Crypto rollercoaster

    In November 2021, just months after enthusiastic retail investment pushed bitcoin to its previous peak, the cryptocurrency plummeted, dragging down half of the crypto industry with it.

    However, more institutions investing long-term capital might support the token’s ability to maintain its high levels this time around, according to experts and executives.

    Nathan McCauley, CEO of cryptocurrency platform Anchorage Digital, stated: “Traditional institutions were once sitting out; today, they are here in full force as the principal drivers of the crypto bull market.”

    Bitfinex analysts also commented: “Any decline following the top of the current cycle could be less drastic than previous downturns. We saw a similar stable trajectory in price after a huge increase following the launch of gold ETFs.”

    Bitcoin Nathan McCauley
    Sylvia Shen

    Sylvia Shen is an editorial assistant at Blue Tech Wave specialising in Fintech and Blockchain. She graduated from the University of California, Davis. Send tips to s.shen@btw.media.

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