In 2020, Public companies purchased almost 600,000 BTC (+$ 6 billion)

In 2020, Public companies purchased almost 600,000 BTC (+$ 6 billion)
This year is a turning point in terms of investment in BTC, with public companies invested in it more than $ 6 billion.

Coin98 Analytics gave us a brief overview of how many Bitcoins were purchased in 2020 and are held by public companies.

A total of 13 public companies were included in this statistic, which decided to purchase BTC in their HODL portfolio.

As you can see in the picture, the breakthrough was not until 2020, as for one exception, all major investments were made this year. What many public companies have in common is also the time when they decided to invest in this digital asset. The most of investments, including the largest ones, were made in the months of September – October, a total of up to 7 companies decided for BTC in these months.

In terms of investment, they range from 126 BTC to 449,596 BTC, this last gigantic investment has only recently been made by GRAYSCALE (A Leader in Digital Currency Investing).

This information are the clearest indicator that confirms the significant increase in purchasing activity in the Bitcoin market by public companies. While it is uncertain whether the consequences of Covid-19 are behind it, one thing is clear,these companies have recognized this digital currency as a legitimate investment asset.

Recall only a statement from Michael J. Saylor, CEO, MicroStrategy Incorporated, who said that:

Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.

It is not so difficult to understand why Bitcoin is really an attractive investment asset. Just look at the publicly available charts that confirm cryptocurrencies have surpassed all other asset classes to date in terms of year performance.

Next, let’s look at another significant factor, namely the increased interest in Bitcoin mining, which confirms the recent achievement of the new ATH in the Hash Rate.

This increase is mainly due to two countries that have also caused the uproar recently and at a time when public companies have decided to invest as much as possible in BTC. During September, we witnessed two major reports, when Kazakhstan announced that it was negotiating a Gigantic Investment in Cryptocurrency Mining worth $ 714M and when Iran decided to allow some power plants to offer excess electricity exclusively to cryptocurrency miners.

In conclusion, we can recall another important factor, which is probably another impetus for why large investment companies enter the BTC market and that is the market capitalization.

Bitcoin currently presents for only 2% of the gold market and, with a market cap of $ 210 billion, has more than 50 times the potential to increase.

Read also: According to analysts at Bloomberg, Bitcoin could reach $ 100,000 in 2025

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