Bitcoin has undergone a significant price surge in just a week, accompanied by a growing interest from financial elites in acquiring the cryptocurrency. BlackRock, the world's largest asset manager, has applied for a Bitcoin Spot ETF, while institutions like Deutsche Bank and Fidelity are also obtaining licenses. The US tech stock exchange, Nasdaq, has even launched a crypto custody service. Additionally, major players such as Galaxy Digital and Citadel are entering the crypto market. This influx of institutional interest and investment is seen as one of the most positive developments for Bitcoin and the overall crypto market in quite some time
Notably, even a small allocation of 0.5% from global alternative investments (currently 23% of managed funds) to cryptocurrencies could potentially increase the entire market by a factor of 15