Many Wall Street CFOs have changed their minds about investing in bitcoin after falling more than 25% last week, Bloomberg reported.
“Such a gap in the corporate reserve fund would put an end to the future of any company from the S&P 500,” the experts of the publication emphasized.
Columbia Business School professor Robert Willens said that reserves in bitcoin entail risks for financial managers, which they are unlikely to go after the first cryptocurrency fell last week.
“If corporations started buying financial assets for speculation not related to their core business, it would be a wake-up call to investors,” added JonesTrading chief market strategist Michael O’Rourke.
Correction of bitcoin price by 9.7%. Data: Bloomberg.
In 2020, institutional investors purchased more than 1 million BTC – 5.57% of the cryptocurrency market supply. Among them are Grayscale Investments (about 600,000 BTC), MicroStrategy (70,470 BTC), Ruffer Investments (45,000 BTC) and Square (4709 BTC).
We will remind, the investment director of Guggenheim Partners Scott Minerd predicted the growth of bitcoin to 400,000, but expressed concerns about the short-term prospects of the market.
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