Technology researcher Kevin Rock has been tracking public companies’ Bitcoin (BTC) assets for the past two years. Rocca said state-owned companies now own more than $ 3.6 billion in BTC.

In 2019, public companies had only 20,000 BTC on the balance sheet. This number increased to 105,837 BTC in 12 months. Smoke in:

Last year, there was less than 20,000 BTC on public companies’ balance sheets. Today, 19 public companies own 105,837 BTC with a value of more than $ 3.6 billion on their assets. ”

Bitcoin holdings of public companies. Source: Kevin Rock
MicroStrategy is today the largest owner of Bitcoin with 70,784 BTC, followed by GalaxyDigital Holdings with over 16,400 BTC. Square Inc. is currently the largest company by market value among public company owners with around 4700 bitcoins.

Why is the institutional demand for Bitcoin increasing?
Public companies collected about 85,000 Bitcoins a year, equivalent to $ 2.67 billion.

This trend indicates a rapidly growing institutional demand for Bitcoin, as evidenced by increased trading activity on gray tones and CME.

Grayscale products and the CME bitcoin futures market primarily cover the company’s needs, and volumes have increased since the mid-2020s.

Organizations are increasingly using Bitcoin due to expectations that Bitcoin will eventually emerge as a solid alternative to gold.

With rising inflation and a supply of liquidity from the central bank, investors and companies are looking for ways to hedge their assets and investment portfolios. Winklevoss said:

Inflation takes away your job. Over the past three years, the Argentine peso has lost 50% of its value against the US dollar. This says a lot given the current state of the US dollar. Not surprisingly, interest in searching for #Bitcoin has increased. ”
If the Biden administration aggressively introduces additional incentives and efforts to ease economic conditions, it is likely to create an environment more conducive to the growth of Bitcoin and gold.

What analysts expect from BTC in the near future
In the foreseeable future, analysts will show some caution despite the favorable macroeconomic situation.

However, macro analysts generally say they are leaning towards a bullish scenario for Bitcoin. Alex Krueger, Bitcoin economist and trader, said:

“BTC is stuck in the $ 29- $ 35K range. It could break anyway. The main reason for my upside is interest rates. Abundance has engulfed the system, and this is reflected in a downturn. This is a beef market, and now traders are in a downward trend. It’s optimistic. “”
There is also speculation that more institutions will collect bitcoins in the coming weeks due to improved market sentiment.

In addition, the derivatives market has started again, and the futures market is less crowded. The dealer further noted:

“Financing is either fixed or negative. Eternal bonds trade below the spot rate. Perp-spot has not been negative in this long period since the November campaign, and has decreased quarterly throughout the year from 25% -28% a week ago to 7-10% Now… all signs of healthy relaxation. ”

Source: CoinTelegraph