Bitcoin’s (BTC) current rally has largely been led by investments from institutional investors and public listed companies. Data from Bitcointreasuries shows that companies hold about 4.54% of the current Bitcoin supply.
A survey of 700 high-net-worth individuals chosen from across the globe shows that about 73% of respondents either own or want to own cryptocurrencies before the end of 2022. The proposed influx of money from large investors could boost demand and drive crypto prices higher.
Daily cryptocurrency market performance. Source: Coin360
Bloomberg Intelligence strategist Mike McGlone believes that if history repeats itself, Bitcoin could rally to $170,000 over the next two years. McGlone pointed out that Bitcoin’s volatility versus gold was the lowest on record and while volatility in risky assets across the globe has been increasing, Bitcoin’s volatility has been in decline. However, in the short term, McGlone expects Bitcoin to consolidate before zooming higher.