BitGo Blog: Discusses Bitcoin's First Movers and Growing Mainstream Acceptance as More Institutional Investors Embrace Cryptocurrencies
BitGo, the leading digital asset financial services company, issued a blog post discussing 30 private and public companies that are the first movers to add Bitcoin to their balance sheet or portfolios.
Bitcoin has attained newfound ubiquity over the past year, with prominent figures ranging from Bridgewater's Ray Dallio to Tesla's Elon Musk acknowledging the viability and utility of the asset class. Often referred to as 'digital gold,' Bitcoin is supported by a resilient, peer-to-peer global ledger called a blockchain. Like gold before it, Bitcoin is perceived to be a hedge against rising inflation of the dollar and other global fiat currencies. Bitcoin's popularity and adoption as a reserve asset has further increased over the past year due to the fallout from the Covid-19 pandemic and subsequent monetary expansion.
Over the past year, in the face of inflation and global uncertainty, mainstream businesses have forayed into digital assets with newfound enthusiasm. From public companies like Tesla and Square to funds like Grayscale Bitcoin Trust and Tudor Investment Group, prominent institutions are increasing their exposure to Bitcoin. In aggregate, these institutions are estimated to hold over 6% of the 18.6 million Bitcoin in circulation, amounting for over 1.2 million BTC. At time of writing, with Bitcoin surpassing an all-time high of over $48,000, the total value of these institutional holdings has eclipsed $55 billion.
In the list below are many of the well-known entities who have entered the world of cryptocurrency, either by adopting Bitcoin reserves internally, becoming active managers of sizable crypto portfolios, or otherwise having substantial exposure to digital assets.
Businesses Holding Bitcoin Reserves
Funds Managing Bitcoin Assets
Bitcoin's mainstream acceptance stands to grow exponentially as more institutional investors embrace cryptocurrencies, clearing the way for future entrants to follow their path. This escalating market demand from large entities will likely continue impacting Bitcoin's value, and may even serve to mitigate its volatility. With the final Bitcoin expected to be mined in 2140 and over $2 trillion of monthly trade volume, there's still plenty of time to enter Bitcoin - for businesses and individuals alike. While the adoption of Bitcoin amongst institutional investors, corporations, and endowment funds has already accelerated rapidly, we are likely only at the tip of the iceberg in terms of mass adoption as additional corporations and funds see the success that these first movers have enjoyed and thus begin to follow their lead.
If you're interested in joining these first movers and making Bitcoin a part of your portfolio, contact BitGo to learn more.
Disclaimer: Data cited above current as of publication date. BitGo is not affiliated with any of the entities listed above, and the information provided is not a testimonial in support of any entity or recommendation for any services. No legal, tax, investment, or other advice is provided by any BitGo entity.
BitGo is the leader in digital asset financial services, providing institutional investors with liquidity, custody, and security solutions. In 2020, BitGo launched Prime Trading and Lending, as well as BitGo Portfolio and Tax, providing clients with a full-stack solution for digital assets. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo processes over 20% of all global Bitcoin transactions, and supports over 400 coins and tokens. BitGo's customer base includes the world's largest cryptocurrency exchanges and institutional investors and spans more than 50 countries. BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners.
©2021 BitGo. All rights reserved. BitGo Trust Company, BitGo Inc., and BitGo Prime LLC are separately operated, wholly-owned subsidiaries of BitGo Holdings, Inc., a Delaware corporation headquartered in Palo Alto, CA (News - Alert). No legal, tax, investment, or other advice is provided by any BitGo entity. Please consult your legal/tax/investment professional for questions about your specific circumstances. Digital asset holdings involve a high degree of risk, and can fluctuate greatly on any given day. Accordingly, your digital asset holdings may be subject to large swings in value and may even become worthless.
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