What happened: Bitcoin hit a fresh all-time high of $48,481, and its market cap soared to $900 billion for the first time earlier today.
This makes Bitcoin’s (BTC) market cap larger than that of the biggest banks in the U.S. combined, including JPMorgan Chase & Co. JPM, Bank of America Corp BAC, and Citigroup Inc C.
Why it matters: While financial institutions are more open-minded to cryptocurrencies in 2021 than in 2019, the question is when real institutional adoption will actually take place.
“The demand isn’t there yet, but I’m sure it will be at some point.”, says JPMorgan Chief Operating Officer Daniel Pinto in response to the bank's employees questioning when they will get involved in Bitcoin.
According to CNBC, Pinto said that BlackRock, Inc’s BLK move to add Bitcoin futures as an eligible investment in two of its funds is evidence of the broader adoption being witnessed of late.
Pinto also believes that once regulation of Bitcoin trading takes place, trades would involve vetted clients and reputable exchanges like Coinbase.
#Bitcoin Institutional Adoption is spreading— IntoTheBlock (@intotheblock) February 11, 2021
The volume in on-chain transactions reached a new ATH this week of $156.03b on February 9.
Additionally, this week the daily average is above $115 billion, the highest ever.
Chart: https://t.co/aX3RYZzKHl pic.twitter.com/lEZJJBtWYd
What Else: Earlier this week, the volume of on-chain BTC transactions reached a new all-time high (ATH) of $156.03 billion. The daily average for transactions was also at $115 billion – the highest ever seen on the network.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.