Marcus Sotiriou, Analyst at the UK based digital asset broker GlobalBlock

I think this demonstrates Bitcoin’s ‘ideological malleability’ as on chain analyst Will Clemente says.  This is the idea that it fits many narratives, as can be many things for various people, making it unstoppable.

Gas giant Exxon (NYSE:XOM) is now running a gas to Bitcoin mining programme in America, which leverages excess gas to power Bitcoin mining machines. This leads to significantly less pollution - “18 million cubic feet of gas per month that would have otherwise been burned off—or flared—because there aren’t enough pipelines”.

The fact the fourth largest oil company in the world is integrating Bitcoin into its operations is also a very bullish signal. More importantly though, this integration allows Bitcoin to be mined in a more environmentally friendly manner, which is a major concern for institutions. Soon many investment management firms will have no choice but to have an allocation to the asset, which is why the $840 billion market cap seems so undervalued to many.