It many soon be a daunting task for any average person to buy just 1 Bitcoin.
That’s according to a recent Twitter post by Binance CEO Changpeng Zhao. The CEO was posting to comment on recent reports that one of the Canada-based institutional funds has now crossed the $1 billion mark in value of its Bitcoin holdings.
For one, Bitcoin has been in the headlines, having recently hit a new ATH of around $42k before retracting a bit and then firing up to stay above $35k. At the moment, anyone willing to buy 1 BTC would have to cough up a cool $36.9k. It’s a fact that not many financially average people can afford that. Some may even find it hard to make that decision.
Institutional Funds Gobbling Bitcoin
In the post, Zhao noted that institutional funds are seriously focused on accumulating as much BTC as they can. That’s perhaps the major motivation behind the Canadian firm’s operations. The firm, named 3iQ, is currently the largest crypto fund in Canada. It’s also the first public Bitcoin fund in the North American country. 3iQ is regulated by the Ontario Securities Commission as well as the Canadian Securities Administrators. The firm is also listed on the Toronto Stock Exchange.
To celebrate the new milestone, 3iQ sent out a tweet too. The firm’s crypto holds are in the custody of the Gemini crypto exchange owned by the Winklevoss brothers, Tyler and Cameron Winklevoss.
Already Late, But Not Too Late
For some time now, crypto analysts and fans alike have touted Bitcoin as the ultimate Digital Gold expected to shoot as high as over $200k in value.
In that sense, it’s still not too late to buy Bitcoin, despite the fact that anyone buying now will have missed a great opportunity for not buying when it was way lower.
What Does It Mean For BTC?
Institutional funding is what has been waited upon to shore up the crypto market and take it fully mainstream.
BTCUSD Chart By TradingView
With the current aggressive accumulation of Bitcoin by big investment funds like 3iQ and Grayscale, it’s only a matter of time before BTC makes another big jump in price. The effects of the recent accumulation are already being felt with the current high pricing.
