The public: Bitcoin is dead! 🪦 Institutions: Bitcoin is better than the US dollar! Who is right?

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Bitcoin is dead

Various governments, such as the USA under President Joe Biden, are currently spoiling the desire of private investors to invest in cryptocurrencies. With a strict agenda, the US and many other countries want to better manage and monitor cryptocurrencies in the future.

For institutional investors, on the other hand, the mood is much better. They are more interested in Bitcoin and other coins than ever before. According to Bloomberg, there have been 30 applications to the SEC for Bitcoin or Ethereum ETF approval so far.

Grayscale holds an estimated 3 million ETH and 600,000 BTC

So far, BlackRock, one of the applicants and the largest money manager in the world, has had a solid record of ETF applications. The company has consistently managed to win US Securities and Exchange Commission approvals by a score of 575 to 1. The one case in which this did not work was recently heard by a court and decided in favor of BlackRock. This brought the case to the next stage, as the SEC appealed the verdict.

Whatever the next round in the duel between crypto regulators and crypto investors, institutions are looking for high-yield assets and are increasingly ending up in cryptocurrencies, probably also under pressure from wealthy clients. Crypto assets have established themselves as an alternative asset to traditional assets, and new product offerings have attracted growing interest from institutional investors.

Increasing regulatory clarity will continue to support institutional engagement. Experts speak of the institutionalization of crypto assets. Improved access to crypto ETFs is just one of many milestones, at least if they are approved.

Despite the numerous negative headlines in recent months, interest in cryptos on the institutional side is enormous. KPMG reports that around $32 billion flowed into the crypto market last year from venture investors.

More data from the KPMG report on the institutionalization of crypto assets

  • Approximately $3.8 billion in Bitcoin is held by public companies.
  • Bitcoin and Ethereum futures trading volume exceeded USD 523 billion in 2022. Around 44% of the entire futures market.
  • 85% of respondents in a US survey indicated that cryptocurrencies can be used to diversify portfolios.

Millennials in particular hold cryptocurrencies

In a survey, around 23% of respondents said they owned at least one cryptocurrency in the past year. According to one estimate, this would be the case for around 60 million people. The survey was used in the study The US Crypto Consumer published by bitpay and PYMNTS.

A high number of consumers who own cryptocurrencies can be seen, especially among millennials. In addition, there is still the group of high earners, the study continues. Of those consumers who reported not owning cryptocurrencies in the study, nearly 60% say a lack of knowledge prevents them from crypto trading.

More details on this:

  • 56% of respondents said they didn’t know enough about cryptocurrencies.
  • 30% said they didn’t know how to buy cryptocurrencies.
  • 23.4% are afraid of making a bad investment
  • Just as many (23.3%) do not invest in cryptocurrencies because of the high volatility.
  • 21.4% lack of understanding prevents crypto trading.
  • 6.7% have never heard of cryptocurrencies.

74.2% of the participants stated that they know about Bitcoin but have not invested in this coin. Ethereum, on the other hand, only knows 30%, Dogecoin at least 38.6%. 79.4% had never heard of Shiba Inu and had never owned any other cryptocurrency.

This means that Bitcoin enjoys a comfortable reputation in the public eye. The most successful cryptocurrency is followed by Ethereum and Dogecoin, a meme coin.

Meme coins create positive market sentiment

As seen above, Dogecoin joins Bitcoin and Ethereum on the list of coins that consumers in the study have heard of. This is astonishing in that Dogecoin is a fun coin, a so-called meme coin.

But anyone with a little knowledge of the market will have noticed long ago that the meme market in particular has remained (almost) unimpressed by the negative headlines of recent months.

Recently, several crypto pre-sales have created positive investor sentiment. In addition, an enormous amount of capital has flowed into the market and the projects as a result of the successful pre-sales. These are two recent examples:

Wall Street Memes raises nearly $30 million

The presale of Wall Street Memes, a meme coin, which is dedicated exclusively to the topics of the global financial markets, was a particularly successful pre-sales. The native utility token has been bought by investors at various price levels and is now about to be listed on one of the leading trading platforms. priced at just $0.0334 available.

However, this is the last opportunity, because the listing will also increase the price of the coveted meme coin.

A market capitalization of at least USD 1 billion is aimed for. Which should only be a matter of time given the successful placement of Dogecoin as one of the most well-known cryptocurrencies.

After all, investors are always looking for coins that could explode in 2023. These are currently not found in the altcoins, but rather in the meme sector.

Sonik Coin raises 1.2 million USD in 1 week

The raging hedgehog meme is based on the comic book character Sonic the Hedgehog. As a blue hedgehog traveling at the speed of light, Sonic has delighted fans of SEGA’s video game series for years. But now the hedgehog has made the leap into the crypto sector and is drifting there as a Sonic Coinmuch to the delight of private sector investors.

But only in a positive sense and that convinces the followers. Over 1.2 million US dollars have already been invested in pre-sales in around 1 week. Here, too, the developers want to increase the market capitalization to at least USD 1 billion.

According to the fast model, however, this advance sale was limited to only 2 weeks. This should generate strong FOMO among investors and give the meme coin a real push. So far this is looking very good and the target of the next higher financial level of 2 million USD is imminent.

If you want to be there quickly, you can use the native utility token for only $0.000014 in the depot.

Conclusion: If you look at cryptocurrencies from different perspectives, there are also different opinions. While existing Bitcoin investors may be feeling a little disappointed at the moment, HODLers among investors are looking forward. They simply sit through short-term lulls in the market without emotion and are firmly convinced that Bitcoin and other altcoins will rise again in the long term.

This is also the assumption of private investors who have decided to invest in meme coins. Unlike the altcoins, these are available for prices well below $1. Both projects also offer attractive staking rewards, as investors can stake both the $WSM tokens and the $SONIK coins, i.e. lock them in the protocol. There are then staking rewards that make passive income possible.

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About the author: Stefanie Herrnberger works as a freelance speaker and editor. Her many years of professional experience in the areas of blockchain, cryptocurrencies and NFTs offer her the perfect background to report on current news and developments in decentralized and central financial markets. Stefanie has been investing in cryptocurrencies for several years. She understands the challenges and opportunities for crypto traders. Publications: https://de.cryptonews.com/editors/stefanie-herrnberger https://blockchain-technologie.digital/ https://www.facebook.com/groups/cryptonewsde/



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