Widening Government Strategy Holdings Suggests Increased Structural Demand for BTC: StanChart

1 month ago

Government entities accrued their holdings of Strategy (MSTR), a bitcoin BTC proxy, successful the archetypal 4th according to caller information from the U.S. Securities and Exchange Commission (SEC), concern slope Standard Chartered (STAN) said successful a probe study connected Tuesday.

In immoderate cases "MSTR holdings by authorities entities bespeak a tendency to summation bitcoin vulnerability wherever section regulators bash not let nonstop BTC holdings," wrote Geoff Kendrick, caput of integer assets probe astatine Standard Chartered.

Strategy, which pioneered the bitcoin treasury exemplary wherever corporates clasp the crypto connected their equilibrium expanse arsenic a reserve asset, presently holds 576,230 BTC worthy astir $59 cardinal astatine existent marketplace prices.

The slope noted that some Norway's Government Pension Fund and the Swiss National Bank (SNB) accrued their Strategy holdings by the equivalent of 700 bitcoin successful the archetypal quarter.

The South Korean National Pension Service and the Korea Investment Corporation expanded their holdings by a combined 700 BTC equivalent, the study said.

U.S. authorities status funds, including California, New York and North Carolina, unneurotic added to their holdings the equivalent of 1,000 bitcoin, the slope said.

AP Funds successful Sweden and Landesbank successful Liechtenstein grew their MSTR holdings marginally, the slope noted.

France's Caisse des Dépôts et Consignations (CDC) and the Saudi Central Bank some added a tiny presumption successful MSTR for the archetypal time, Standard Chartered said.

Bitcoin exchange-traded money (ETF) nonstop holding information was "disappointing" wide successful the archetypal quarter, the study added.

The slope said the astir caller 13F information supports its cardinal thesis that bitcoin volition scope $500,000 earlier President Trump leaves bureau arsenic the cryptocurrency attracts a wider scope of organization buyers.

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