Business Maverick: Bitcoin Bounds Toward $6,000 as More Institutions Embrace Tokens By Bloomberg
The largest digital coin advanced as much as 4.7 percent to $5,961, before paring its gain to 3.4 percent as of 7:16 a.m. in New York, according to Bloomberg composite pricing. Most of the other highly traded tokens were mixed, lagging Bitcoin.
“Bitcoin is testing new near-term highs because the overall institutional involvement is becoming stronger and stronger,” Jehan Chu, managing partner at Kenetic Capital, said by phone from Hong Kong. “We’re just seeing institution after institution lining up to the thesis of digital currency, and Bitcoin is the standard bearer.”
“Fidelity alone doesn’t move the entire needle, but Fidelity with E*Trade and Ameritrade and Robin Hood and a whole host,” said Chu, whose firm is a blockchain investment and advisory company. “You’re seeing a critical mass of these types of asset managers and brokers providing retail exposure and retail access to crypto.”
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