Bitcoin rally fueled by institutional investment, says Bitfinex CTO

Bitfinex CTO Paolo Ardoino believes institutional investment has driven Bitcoin's recent rally to a record high of $63,500 on Tuesday

Bitcoin has impressively surged to a new record high of $63,500 this morning following a two-month period of consolidation beneath the $60,000 level of resistance.

The world’s largest cryptocurrency has enjoyed a sensational 12-months of price action, rising from lows of $4,000 in 2020 before eventually breaking its prior all-time high of $20,000 in December.

In contrast to 2017, Bitcoin has attracted investment from major companies like Tesla, while in 2017 the bull market was driven by retail investment amid the ICO bubble.

Paolo Ardoino, Bitfinex CTO believes the rally is “partly fueled by institutional buyers of the new digital gold.”

He continued: “This momentum may continue as increasing numbers of funds and corporations add bitcoin to their investment portfolios.

“An ongoing pandemic may also be furthering a safe haven narrative for bitcoin, particularly in emerging markets where bitcoin is gaining traction.

“While this particular all-time high will make headlines, daily price movements are of little consequence in comparison to the quiet revolution that is blockchain technology. More and more are seeing the benefits of being a bitcoin hodler.”

Institutional attention on Bitcoin has skyrocketed this week in light of Coinbase’s upcoming listing on Nasdaq, with an estimated valuation standing at $120 billion.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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