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Have $93 Million? You May Be Able to Boost Bitcoin’s Price by 1%

  • BofA says flows affect Bitcoin more than gold, Treasuries
  • Biggest owners of the cryptocurrency are seen as holding on
Bloomberg business news
Bitcoin: What the Skeptics Are Saying

Bigger investments into Bitcoin may be able to move its price significantly.

The largest cryptocurrency has doubled so far in 2021 as institutions and retail investors pour in cash, not to mention Tesla Inc’s $1.5 billion purchase and all the buying from MicroStrategy Inc. JPMorgan Chase & Co. strategists have estimated that institutional flows into Bitcoin are up 20% in dollar terms this quarter from the prior period, while retail has increased 90%. And that intake may be moving the price of Bitcoin more than it would some other assets, according to strategists at Bank of America Corp. including Francisco Blanch and Savita Subramanian.