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[뉴욕=이데일리 김정남 특파원 김보겸 기자] Will Bitcoin be able to rise as a’digital safe asset’? Institutional investors are attracted to bitcoin, and they are showing price support in the early and mid-range of $50,000 per piece, attracting attention. It is evaluated that this is a different pattern from the crash market at the end of 2017 when individual investors led the market.
Shows price support around $50,000
According to CoinMarketCap, a virtual asset market relay site on the 10th, the price of bitcoin is trading at $54,700 per piece (about 62.3 million won) as of 6:30 pm on the same day. As of the last 24 hours, it has soared to $55,725 intraday. The market capitalization exceeded 1 trillion dollars again. It is the eighth largest market cap among all assets in the world. It’s bigger than big tech like Facebook and Tesla.
Bitcoin price fell back to the 43,000 dollar level after breaking through the 57,000 dollar level at the end of last month, but is rebounding again. It is a diagnosis that it is showing price support from around $50,000. Bitcoin suffers from a crash at the end of 2017. At the time, it rose to about 20,000 dollars and then suddenly collapsed. On Wall Street, observations that’it’s different this time’ are spreading little by little.
The biggest reason is the possibility of incorporating institutional rights. Unlike in 2017, when ants pushed up, institutions are joining a large number this time.
Goldman Sachs, a global investment bank (IB), recently decided to reopen its virtual currency trading desk. It opened for the first time in 2018 and closed with the collapse of Bitcoin, but this time it was decided to resume. Matt McDermott, Global Head of Virtual Assets at Goldman Sachs, said, “In light of the huge demand from various institutions (confirmed in this process), the bull market is different from 2017.” Will provide great opportunities for the financial industry.” When Goldman Sachs recently conducted a survey of 280 customers, 22% of all respondents said, “Bitcoin price will exceed $100,000 in the next 12 months.”
It’s not just Goldman Sachs. According to Bloomberg, Bitcoin-related financial services provider NYDIG has raised $200 million from Stoneridge Holdings, Morgan Stanley, New York Life, Mass Mutual and Soros Fund Management. NYDIG said, “Institutions are accelerating the adoption of bitcoin.”
Bitcoin without inflation risk
It is also noteworthy that the inflow of corporate funds invested with a longer perspective than institutions. On the same day, CEO Jack Doshi tweeted, “(for the Twitter 1 message he wrote 15 years ago) on the 21st, when the auction ends, (profits) are immediately converted to bitcoin, and African asset group Gibe I will send it to the Directly Fund.” This is a fund that supports poverty eradication activities in East Africa, such as Kenya, Uganda, and Rwanda.
The city is a leading Bitcoin advocate. Before Elon Musk, who leads Tesla, he wrote’Bitcoin’ in the introduction section of Twitter, which became a hot topic. In addition, Tesla and MicroStrategy are representative Bitcoin advocates.
In this situation, it is noteworthy whether Bitcoin can be upgraded to a safe asset such as’digital gold’. Recently, on Wall Street, interest in whether bitcoin has the peculiar characteristics of safe assets has increased.
In particular, as inflation concerns have grown in recent years, the advantage of bitcoin’s inflation hedge is emerging. Bitcoin is designed to mine only 21 million. It is similar to the limit on the amount of gold or silver buried in the ground.
It is quite different from the fact that fiat currencies such as dollar, which can be printed through quantitative easing, are exposed to inflation risk. Some even estimate that the unusual decline in gold prices in recent years is due to bitcoin.
Edward Moya, senior market strategist at Oanda Securities, said, “The interest in virtual assets is growing in the institutional world.”