In September 2017, the Bank of America Merrill Lynch branch asked 200 institutional investors what they believe is the most popular investment. Most of them said “Long Bitcoin.” That said, this doesn’t mean these investors have put money into the digital asset. However, it does show the government how vital cryptocurrencies are in the long run. But, that doesn’t change the fact that the crypto market needs institutional investors to take off. Thankfully, there is some hope in that regard thanks to recent developments.
As of this writing, “established financial institutions” are finally preparing to work with Bitcoin and other cryptocurrencies. Groups like Fidelity, one of the biggest asset managers in the world, revealed it would start supporting crypto trading and offer custody platforms within the next few months. Then, we have the Intercontinental Exchange which is getting ready for a Bitcoin futures exchange called Bakkt. Later, other places like American universities such as MIT and Harvard are creating cryptocurrency funds. This is just the start.