Bitcoin (BTC) has long been touted as digital gold by crypto enthusiasts. Now as the digital asset faces its first economic crisis since its birth, Bitcoin has validated the narrative and outperformed gold by a large margin in 2020. This suggests two important things, Bitcoin is here to stay and it is a better bet than gold.
Some popular traditional investors have already jumped on the Bitcoin bandwagon and analysts at Whalemap believe that institutions have been the primary buyers in the $12,000 to $15,000 range.
Crypto market data daily view. Source: Coin360
The over-the-counter trading desk at Galaxy Digital also reported an increase in trading volumes by the institutional investors. The company’s CEO Mike Novogratz and head of sales Tim Plakas, both showed confidence that more traditional investors and funds could enter the crypto space in 2021.
While most investors seem to be bullish on Bitcoin, on-chain data suggests that some whales believe that the rally could have