Big companies are going shopping in 2020 and already own $ 10 billion in BTC

2020 was a year of profound changes in the global landscape, and it was no different for the cryptocurrency market: cryptocurrencies have finally entered the crosshairs of large corporations and investment giants.

Some of the world’s largest investment firms had to contend with the poor performance of the financial markets during the coronavirus crisis, which led to the global devaluation of the dollar, the massive devaluation of assets previously considered “safe” to the surprising performance of the cryptocurrency since March, when the pandemic broke out.

Yes, cryptocurrencies, and Bitcoin in particular, suffered from the March crash, but the decoupling of financial markets from the crypto market caught the attention of large companies and investment groups. The crypto market, previously seen as extremely volatile and insecure, is gradually being viewed as a hedge for those who saw their stocks melt before the global quarantine.

Big companies are going shopping in 2020 and already own $ 10 billion in BTC
Big companies are going shopping in 2020 and already own $ 10 billion in BTC

Large investment groups saw this move and started investing their capital in Bitcoin. In 2020 alone, the largest companies acquired more than 500,000 BTC.

According to the Bitcoin Treasuries portal, which tracks the Bitcoin holdings of the world’s largest companies, the world’s largest publicly traded companies already own 785,000 BTC, or $ 10 billion – or 3.74% of the total Bitcoin supply in circulation.

The significant number draws more attention when you consider that more than two-thirds of that capital was acquired in 2020.

The majority of the bitcoins held by companies are owned by Grayscale. that owns no less than 456,000 BTC worth $ 5.8 billion or 2.17% of all available bitcoins.

Second place goes to with 140,000 Bitcoin units valued at $ 1.78 billion today, followed by Coinshares with 69,730 BTC ($ 891 million) and MicroStrategy with 38,250 BTC or $ 448 million.

On the list of Bitcoin Treasuries, the fintech company Square stands out with a market value of $ 77,000 million and still does bought $ 50 million worth of Bitcoin this year, the Tezos Foundation, which owns 24,000 BTC ($ 317 million), and Stone Ridge, which owns 10,000 other BTC.

With the confirmation of a new 14-month high for Bitcoin this week and the appetite of companies for more Bitcoin – even faster than mining production of the cryptocurrency – the pressure from company entry is likely to mount the currency into a new rally.

If Bitcoin finally exceeds its $ 20,000 high by 2020 and companies are supposed to benefit from it, we won’t be able to react until December. With the introduction of BTC and cryptocurrencies at PayPal, new giants can hit the market and take the currency to the moon – or beyond.

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