Kraken’s Dan Held Says Arrival of Institutional Herd Could Ignite Intense Bull Market
Institutional investors may usher in the most extreme portion of the Bitcoin bull market yet, according to Kraken’s growth lead Dan Held.
In a lengthy Twitter thread, Held tells his 164,000 followers that Bitcoin is rapidly attracting institutional investors that could add trillions of dollars of value to the market.
“The herd is here. Institutions manage $100 trillion, and now some of that is flowing into Bitcoin.
As institutions provide access to Bitcoin and buy it, it reduces the availability of Bitcoin to purchase.”
Held points out that the level of institutional Bitcoin trading that Coinbase has seen since the fourth financial quarter of 2019 has been growing at an alarming rate, especially going into Q4 2020.
“A more concrete way to measure the rise of institutions is through Coinbase’s S-1 filing which had a chart breaking out institutional vs retail trading volume. As we can see, the rise of institutions started in Q2 2019 and has been ramping up in Q4 2020.”
Held notes that as Bitcoin gains clout among these larger investors, it will gain important staying power that changes the landscape of the BTC and financial market at large.
“This is an important transition in Bitcoin’s adoption curve. As it becomes more widely recognized as a store of value, it becomes further ingrained in our world…
This Bitcoin cycle is different. Never before has Bitcoin had such strong fundamentals against a macro backdrop (traditional financial system) that highlights exactly why Bitcoin is needed, the narrative is singular, and flows can easily come into Bitcoin.”
The Kraken executive believes that this level of widespread adoption could spark an unmatched bull market and/or lessen the intensity of future bear markets.
“I think this could *possibly* give rise to a bull market that is more intense than previous ones, and/or a more mild bear market.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Liu zishan
The post Kraken’s Dan Held Says Arrival of Institutional Herd Could Ignite Intense Bull Market appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
