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November 29, 2022
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6 corporate giants hold bitcoin worth more than $ 11.4 billion

Since the Bitcoin (BTC) broke the previous record of $ 20,000 in December 2020, more institutional investors are looking closely at the main cryptocurrency as it continues to climb to new heights.

The BTC recently set a new historical record (ATH) above $ 64,500, as it has shown a record-breaking trend throughout this year.

BlockData acknowledged that six corporate giants have taken the Bitcoin holding culture a notch higher, as they have more than $ 11.4 billion worth of BTC in their custody. The blockchain insights provider explained:

“These 6 companies alone hold more than $ 11.4 billion in Bitcoin. The space for Custody of Digital Assets is growing. “

The six companies are MicroStrategy, Tesla, Ruffer, Galaxy Digital, StoneRidge and Square with 91,579 BTC, 43,200 BTC, 27,000 BTC, 16,402BTC, 10,889 BTC and 8,027 BTC, respectively.

Microstrategy gets the ball rolling

MicroStrategy, the leading American business intelligence company, has set a precedent for institutional investment in Bitcoin, as it recently acquired an additional 205 BTC for $ 10 million.

The company’s CEO, Michael Saylor, said they were more inclined towards Bitcoin because it was a more attractive deposit of wealth than gold. He stated:

“Gold returns did not look as attractive as Bitcoin. So, eventually we find the crypto because, in essence, in the cryptocurrency world you can create a digital world and Bitcoin is that digital gold. “

Bitcoin is ready for another step

According to the CEO of CryptoQuant, Ki-Young Ju:

“BTC is ready to take another step. A significant amount of Bitcoins flowed into all exchanges, weakening selling pressure. “

Whenever Bitcoin exits exchanges, a culture of control is represented.

Market analyst Michael van de Poppe believes that Bitcoin will have to reverse the $ 56.5k resistance level to support if it has to re-test the $ 60,000 area, as this will guarantee a bullish momentum.

Source: BlockchainNews

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