Prior to April, Bitcoin was riding the wave of growing institutional interest.
MEXICO CITY, MEXICO - October 9, 2021 /MarketersMEDIA/ —
The initial months of 2021 became a banner period for Bitcoin, following impressive gains in 2020 despite the impact of the pandemic on the stock market. The original cryptocurrency climbed from about $4,740 in mid-March 2020 to just shy of $30,000 as the year came to a close. This momentum carried into 2021, with February witnessing a landmark event: Bitcoin crossed the $50,000 barrier, mainly propelled by news of several major corporations planning to enter the crypto space, among them BNY Mellon and Mastercard. “For all the great developments in early 2021, the two most noteworthy events for the cryptocurrency world so far in the year took place in April, and there is no mistaking the connection between them,” comments renowned forex expert Pablo Soria de Lachica. “The public market welcomed Coinbase, and Bitcoin set a price record, exceeding $63,000 in value the day before the San Francisco-based cryptocurrency exchange carried out its listing.”
Prior to April, Bitcoin was riding the wave of growing institutional interest, its price feeding on news that Wall Street giants Morgan Stanley and Goldman Sachs were preparing to offer their clients the opportunity to invest in Bitcoin and other digital assets through funds, Pablo Soria de Lachica notes. Breaking the news on Morgan Stanley in March, CNBC said the investment banking major would be the first big US financial institution to give qualifying clients access to cryptocurrency funds. Later that month, the channel learned exclusively that Goldman Sachs was about to launch its first Bitcoin investment vehicle. Mary Rich, head of digital assets at Goldman Sachs’s private wealth management division, told CNBC, “We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near term.” The plan was to roll out the offering in the second quarter of 2021, gradually providing clients with a “full spectrum” of investments in the digital assets space, “whether that’s through the physical Bitcoin, derivatives, or traditional investment vehicles.”
The show of support from big Wall Street players and other major corporations (such as Tesla and PayPal) gave Bitcoin a substantial boost, but it was the stock market debut of Coinbase that helped the cryptocurrency soar to a new record high in April, Pablo Soria de Lachica says. Despite criticism from Bitcoin purists, the first public listing of a crypto space player has fueled hopes of digital assets finally crossing over into legitimate territory and providing more investors with an opportunity to participate in the market. Expectations are that multiple companies in the cryptocurrency ecosystem will join the public market, which will increase transparency and regulation, thus boosting confidence in an otherwise notoriously volatile space. Commenting on his company’s listing and its potential impact, Coinbase CEO Brian Armstrong said, “It feels like a shift in legitimacy not just for Coinbase but the whole industry. Crypto has a shot at being a major force in the financial world.”
Pablo Soria de Lachica is a trading expert who has come to be recognized as one of the world’s leading forex brokers. While his primary focus is maximizing investment returns for clients, he also devotes a large portion of his time to sharing insights through educational content distributed via webinars, newsletters, and blog posts. At present, Pablo Soria de Lachica is partnering with Kartoshka, a company promoting the latest technological solutions in sales, telemarketing, and customer support.
Pablo Soria de Lachica - Foreign Exchange Specialist: http://PabloSoriaDeLachicaNews.com
Pablo Soria de Lachica on Bitcoin’s Price Response to the Growing Involvement of Large and Institutional Investors: https://www.yahoo.com/now/pablo-soria-lachica-bitcoins-price-100000462.html
Pablo Soria de Lachica Analyzes the Implication of Coinbase IPO for Bitcoin and the Broader Cryptocurrency Market: https://www.yahoo.com/now/pablo-soria-lachica-analyzes-implication-123900954.html
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