Bitcoin Forum

We remember that day when the news came out. BTC shot up from $38K to 44K and to 48K the day after. People expected an avalanche of big companies to buy BTC. So far it hasn't happened yet it seems. We have seen news about some companies around the world buying crypto but they were not "big" big players like Tesla. Do you think corporate buying so far was not as big as we expected when Tesla made the news?

Why you guys keep discussing that same thing over and over again instead of looking 2-3 posts around (or even using search)?!

This topic is about the same thing: https://bitcointalk.org/index.php?topic=5329214
This topic may also help: https://bitcointalk.org/index.php?topic=5329096

After Tesla (https://www.google.com/amp/s/www.cnbc.com/amp/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html) bought $1.5 billion worth of bitcoin, the price of bitcoin increased to over $50000 after some days, Microstrategy (https://www.google.com/amp/s/www.cnbc.com/amp/2021/02/24/microstrategy-buys-more-than-1-billion-worth-of-bitcoin-adding-to-massive-holdings.html) bought $1 worth of bitcoin at the time with the price slightly above $50000. Although, Microstrategy has been buying bitcoin before, but saying big companies are not buying bitcoin after Tesla bought bitcoin is very wrong.

Grayscale also open investment for investors. That is another big company in the crypto community, Grayscale bitcoin holding has increase to over $38 billion recently.

There are many other institutions that have been investing in bitcoin, it is just a matter of time, more big companies will join and invest once the creteria before investing in bitcoin is fulfilled, this can be more increase in marketcap. Bitcoin is the digital gold, it will not be surprising to see bitcoin marketcap getting to 5 trillion in a decade to come, or before. What is most important is that bitcoin is deflationary, and this makes people becoming to prefer it than other assets also because it has limited supply of 21 million which makes it appreciative in design.

Yesterday I came across some data that Coinbase reported regarding their quasi-closure of Q1. The data is an estimate, but per their own words, is based on their information as of the date they published the information (06/04/2021), so it should/could be rather accurate. Amongst the information they released they stated that:
See: https://www.sec.gov/Archives/edgar/data/0001679788/000162828021006601/exhibit991-8xk.htm

Now the above would imply that more than half of the assets on the platform are related to Institutions. That could give the reading that, on the one hand, many individuals and institutions manage and keep their crypto assets on the platform (the data prompts state "on Platform" instead of "managed through the platform" - but it may be misleading terminology). On the other hand, perhaps the term Institution is rather laxed here, and whilst we have in mind the big corporations that give such juicy headlines, smaller retail stores are possibly counted here amongst the institution's sum.

It’s not just the biggys that make market, but they do push it and make way more noise.

My thread is about big names expected to come into the BTC world as investors.

BTW the majority of talk in this forum section is about the same thing (future of BTC/ BTC price) if you haven't noticed.

The big names do buy. At least some of them. The chart in both the threads I've already posted suggests that.
What you seem to expect is (like the other topic!) news/headlines about new buys. And I have a feeling that some of those investors prefer to stay rather silent instead of triggering price increase, which won't favor them yet...

The less number of corporates enter into this game, the better for commoners like us! It is already extremely difficult for a common person to enter into crypto market without buying from an exchange. If more and more corporates enter into this game, whatever chance we common people have now, will be lost. Then corporates will have the power to manipulate the market at their own will.

So if the corporate adoption is happening at a lower pace, it's a good news and should remain as it is!

I think companies are still making a good investment into Bitcoin. Those investments are just far less than the amount Tesla made. For example, MicroStrategy still continues investing into Bitcoin. They bought some Bitcoin again which was worth 15 million dollars a few days ago.

They wait with announcment after BTC will push above 60k. Such announcment will have more publicity.

Also tesla announcment was so big because Tesla is so popular. Already 43 companies added bitcoin into balance sheet. - https://news.bitcoin.com/btc-balance-sheets-42-companies-hold-1-3-million-bitcoin-worth-more-than-65-billion/
I assume this number will go 10x by the end of 2021-2022.


Worth to read.
https://bitcointalk.org/index.php?topic=5327971.msg56696242#msg56696242

actually there are several topics like this in this forum that I know about so far, but this is very interesting to be discussed.
With the supposition that large companies and large investors can indirectly increase prices, it is not impossible for other companies to follow companies that are already in the bitcoin world to increase their profits. because if we see now that bitcoin dominates like a treasure hunted by many people and this is like a symbiotic mutualism that benefits all parties.

"Avalanche" of big companies purchasing BTC? At least I was not expecting any such "avalanche". Bitcoin is still a non-traditional investment asset and 99% of the corporates doesn't have enough courage to invest in this asset. Tesla is an outlier, since they themselves are not a "traditional" corporation. The problem is that in many of these big firms, the key people who makes the important decisions are mostly in their 60s and 70s, who have a natural aversion to new innovations such as cryptocurrency.

T least you can say for your self that the recognition and the price increase within this two month is far more than the years come by, so I think the best thing for you to do it to relax and watched the market don't be in haste.

Corporate buying is OTC & we won’t know if there are lots of institutions buying until they announce it. They are not going to announce until they are finished buying. Think about it, if Apple announce they are buying bitcoin then the price will moon, these companies will only announce their purchasing once they are finished buying.

+1

We don't know how big corporate buying is just like we don't know how many coins are lost forever.

Corporations allow us to know as much as they want us to know. JP Morgan was bashing Bitcoin so they could buy. Many companies have the same strategy. They will buy and then break the news about their purchase to pump the price even if they are not planning to sell the news. They usually do it so that other companies - their competitors have to pay more and so that they can show profit in the books.

I first off think that there likely have been some bigger corporations that are buying in and we just don't know it yet.  These big companies seem to be making purchases at exchanges like Coinbase via "Over the Counter" trading, so that it doesn't effect the price as it would if you were buying right off an exchange ( maybe I'm wrong about this, but I don't think so).  I also think we will see more companies join in, but these things take time.

Just my two Satoshis.

This is their market manipulations. They buy in silence, on OTC market. Their buy deals can be finished long time before their announcement time. They release their announcements at times when they think big news can have good effects on the market. They don't release news immediately after completions, they wait for right time instead.

The crypto market is different than the stock market and whales don't have to announce their buy schedules ahead of time.

The table for Bitcoin Treasuries Follow-up is expanding.
https://bitcointreasuries.org/

It;s all about the timing mate! These big players will always wait patiently for the market to do all kinds of chaos that they want in first place. For example, buying, selling, pushing the market up and then down and what not! They would wait for the surge to stabilise because when they buy more BTC they don't buy 1-2 btc they go for 50's and 100's which can make mega moves in the market. So they will never risk their buying and selling process in the middle of chaos when market is too much unstable.

On the other hand Tesla's news is good and it is still in power since Tesla lover might be already buying the Tesla with BTC and silently Elon is getting good number of BTC's on his account. It would be Elon who will later move the market silently.

Some people always expect all kinds of crazy things, that doesn't mean they should happen as they expect. For example last year a lot of them were expecting the price to fall down to $1000 and obviously that was crazy and didn't happen.
This is the same, the bitcoin adoption is not something you can expect to happen overnight. It is a slow process that could take another decade or two. Besides these are just "investors" not adopters so you shouldn't even care about it in first place.

There will be downtimes, we can't expect that everyday is a Christmas for bitcoin and cryptocurrency market. Just wait and there is still a lot of time and future is uncertain so we just have to hope for the best.

Bear in mind that some companies might not want to add actual Bitcoin to their assets, so would use vehicles like the Grayscale trust.

Some may be putting off their decision until a US ETF is approved.

Also bear in mind that Grayscale is looking to convert to an ETF depending on the latest batch of applications.

Therefore, I reckon there may be some backed up demand depending on ETF approvals.

Let's acknowledge the fact that something Microsoft, Apple or Tesla does is not outright a good choice.

I am still expecting a large domino to launch in the mid-long term. However, the largest players in the pool are probably waiting for Tesla's investment outcome first. Since Bitcoin's drops were all very rough and we've been bullish for longer than ever before, why would a large corporation invest in it?

And then.. up to this date, Tesla's investment has gone wild on profits. Some competitors might be waiting for a significant BTC correction so that they could purchase much more BTC than Tesla afforded in order to compete with their profits.

Give it time. Don't expect all large corps in the world to get into BTC within a month. Not even 6. These news will come repeatedly over the next few years. Whether this is good or bad for BTC.. that's a quite debatable topic..

Also ESG and climate issues are in play now, especially as we come out of lockdown and with the Climate Conference in Scotland later this year.

Every week now I'm cashing in a little bit of Bitcoin as I get worried about this.

There were big names/players that already were into Bitcoin specifically. Not sure if they purchased, but if adopting/including it as payment method would count then Microsoft did already back in 2014.
They were now surveying actually for Xbox users if they would like to pay through Bitcoin though.
From what I read, they continued accepting Bitcoin payments from its halt before.

Valve adopted Bitcoin payment to their Steam platform before though, but it got pulled out for obvious reasons of "high fees and volatility"

---

Sources:
1: https://news.bitcoin.com/microsoft-is-surveying-its-xbox-users-about-adding-a-bitcoin-payment-option-to-the-store/
2: https://www.coindesk.com/microsoft-resumes-bitcoin-payments-after-halt-over-instability
3: https://www.theverge.com/2017/12/6/16743220/valve-steam-bitcoin-game-store-payment-method-crypto-volatility

If you are that worried that they are buying less then you might as well go their board meetings and frantically tell them to buy more bitcoin and hodl it for their company, its not like we have a say on what they decide to do but we have to wait it out, bitcoin can wait and there is still a lot of month in this year so you better wait.

Not every "big" players are willing to take such huge risk. They are probably waiting and observing how Tesla is managing stuffs, before they themselves dive into bitcoin investment. We just need to wait and watch too. At least other big companies are now thinking about integrating bitcoin/crypto currencies into their system which is a good sign. We don't want them to just invest. We want them to use it as a regular currency and allow people to spend it on their platform. We have been hearing about VISA willing to integrate and become a bitcoin processing gateway, lets see how that turns out.

We do not know when people buying bitcoin because of that raise because they will not tell the public that they already buy bitcoin. But I am sure that many of them buying bitcoin a few months ago before the bitcoin price increases. That also happens to the big corporate and as I said before, they will secretly buying bitcoin without anyone know, and if they want to tell the public, they will give the number, and maybe that is not the real number that they already bought.

Yes why are we worrying about any big institutional investor to invest huge funds into Bitcoin market just to push price higher?We are not seeing the other side that if more institutions invest in Bitcoin they would be holding a some large portion of supply and wealth would be concentrated again in few hands.The retail investors also need to have significant effect over the market to make some balance.The price surge is positive sign but with this it is becoming extensively difficult for small players to invest in Bitcoin.The price of one BItcoin is above $61k which is not bothering big institutions with billion of funds but will affect the common man with not much deep pockets.So this gap of time can give opportunity to retail investors to buy at this prices before any other major company announce it's support to btc pushing prices further high.