Market maker and OTC desk Woorton has reported a 10x increase in trading volume from 2019 to 2020, with an overall volume above $10 billion.
Woorton’s Head of Trading, Zahreddine Touag, spoke to Coin Rivet during this week’s virtual Paris Blockchain Week Summit, revealing a significant uptick in interest from CFOs of large companies looking to purchase Bitcoin for treasury management.
Touag’s comments were reinforced by yesterday’s news that saw Massachusetts Mutual Life Insurance purchase $100 million of Bitcoin for its general investment fund.
It’s also worth noting that the likes of MicroStrategy and Square have invested $475 million and $50 million in the asset class respectively this year.
— Woorton (@woorton) December 9, 2020
Touag added: “This year we have been reached by 10 times the amount of CFOs from large corporations because they want to get into crypto.”
The value of Bitcoin has experienced a tremendous uptick in 2020, rising from March’s gruelling lows of $4,000 before testing its all-time high of $20,000 just eight months later.
This has been spurred by institutional adoption of digital assets alongside a charge for Central Bank Digital Currencies, which is being discussed by the likes of the ECB, the Bank of England and the French Central Bank.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.