Bitcoin has been smashing its own price records and recently surpassed the symbolic $20,000-a-coin milestone. It has since continued to climb higher, and was last trading just shy of $23,000, according to data provider Refinitiv.
Crypto exchange Coinbase was initially launched in 2012, and “more than 35 million people in over 100 countries use Coinbase to buy, sell, store, use and make make profits using cryptocurrency.” The company has also indicated it has more than $25 billion in net assets on the platform and more than $320 billion in total volume traded.Coinbase declined to provide additional comment.
This major announcement comes as interest in bitcoin and other cryptocurrencies has soared during the coronavirus pandemic. Investors have found such currencies attractive as the US dollar weakens.
Bitcoin is also gaining mainstream corporate investment as well. Microstrategy has thus included Bitcoin in their company’s treasuries. Many payment rails like PayPal, Square are integrating cryptocurrencies in their services due to rising demand for cryptocurrencies from retail investors.
Recently, Massmutual, an insurance behemoth, made its way into Bitcoin investments. In addition, Alan Howard, the multi-billionaire hedger fund manager, is among the backers of a new institutional-focused investment firm, called One River Asset Management, that’s eyeing an as much as $1 billion allocation to bitcoin.