The publication said that during the crisis, the crypt currency received support from billionaires and large institutional investors.
On 23 November, The Wall Street Journal placed the Bitcoin story on its home page, centrally. The article says that in 2020 Bitcoin found support among billions and was spread among institutional investors.
The article features billionaires Paul Tudor Jones and Stanley Drakenmiller. The first one to start investing in cryptographic currency this spring, in the midst of the crisis. Then the founder of the hedge fund Tudor Investment invested in bitcoin 1% of its assets or about $50 million.
Drakenmiller with a fortune of $4.4 billion told about the acquisition of BTC in November. He said he holds the capital in gold and its digital equivalent. The investor believes that the digital currency can be interesting not only to the younger generation, and, moreover, it can bring more profit than the precious metal, as it differs from it by its low liquidity.
In March 2020, the Bitcoin exchange rate fell to $3,800 on the back of declining stock markets. The coin price then started to rise and has now increased by 380%, to $18,400. During the rally, BTC was transferring its capital to it by an increasing number of large institutional investors.
One of the first companies to choose Bitcoin as a security asset was MicroStrategy, which produces analytical software. Between August and September, it invested $450 million in cryptographic software. BTC rose by around 80% in price.
Immediately after MicroStrategy, Square, owned by Twitter founder Jack Dorsey, invested in the main digital asset. It bought the BTC for $50 million. At the same time, the Tahini’s restaurant chain put all its money savings at the bitcoin.
In contrast, Bitcoin has received less attention among retail investors than it did in 2017. This is evidenced by Google Trends’ data. According to them, the interest of users around the world and close to the level that was reached three years ago. Then the BTC rate rose 20 times during the year and in December set a historical maximum of $20,000.