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RE: For those questioning whether institutional grade investors would actually use Coinbase's custody solution...
Look up how many hedge funds have assets over $20 billion... it's not a long list.
Look up how many hedge funds have assets over $20 billion... it's not a long list.
If you’re just looking at hedge funds it would put t at about #50 on the list. And it’s not like all that money is going into crypto. But that’s not the right comparison.
BTC and other cryptos are cryptocurrencies so we need to be looking at the forex market. We need hundreds of billions of fiats coming into the system before BTC or any others really become money.
If you just want to trade BTC like an equity then these things don’t matter so much.
Still, all new marginal buying is positive for the market.
Correct, though they aren't really being used as currencies currently. In fact most are failing in that regard or severely lacking in technology to compete with a digital fiat. Right now their appeal is as a digital store of value due to limited supply. Akin to digital gold - at least in regards to bitcoin. Speculation accounts for the large valuations of just about every other coin. Again something you see in assets, not currencies.
Regarding the funds, they specifically mentioned hedge fund in the news release which was why I used it as a reference point as well.
It wasn't so much to argue, but more to point out that $20 billion is a large amount of money for a hedge fund, as you pointed out that puts them in the top 50 (or so) in the entire world.