Institutional adoption of cryptos is always hailed as a step that will turn the table for cryptos in its fight against the centuries-old banking system by bringing in huge investments and establishing a trust regarding crypto among the general public. But are the big private corporations and wealthy families in the financial world listening to this “bitcoin hype”? The co-founder of Morgan Creek Digital, Anthony Pompliano, who is also a well-renowned bitcoin-bull and the host of the crypto podcast “Off the Chain”, might have an answer to this question.
I just spent 40 minutes in front of some of the wealthiest families in the world to explain Bitcoin.
They’re listening. Sentiment is changing.
— Pomp 🌪 (@APompliano) April 25, 2019
Here, institutions in discussion are entities like banks, insurance companies, hedge funds, mutual funds and others. Since they make up the core modern financial world, be it private or public, their adoption of cryptos will be of immense importance as it will solidify crypto’s position in the modern-day financial mechanisms.
Reportedly, the world’s top 10 richest families saw their net worth figure around a staggering $660 billions in the mid-2018s. If even a small percent of this huge capital flows into the bitcoin world, it can mark significant effects on bitcoin market, which only has a market cap of less than even $100 billion right now. Large capital inflow will tend to make the market more stable and less prone to manipulation by big whales, which often take the route of pump-and-dump strategies to gain benefits by using their buying and selling powers in bulk. Establishing the fact that institutional adoption will drive positive outcomes for the crypto community, why hasn’t this happened yet?
Bitcoin came in the global financial scene after…