Institutional investors are beginning to experience soaring demand for Bitcoin as spot exchange-traded funds open up the asset class to the wider financial system.
Institutional investment into Bitcoin and cryptocurrencies continues to make headlines, with Peter Thiel’s Founders Fund reportedly pumping $200 million into BTC and Ether in 2023.
According to a Reuters report citing sources with intimate knowledge of the venture capital (VC) fund’s cryptocurrency investment move, Thiel’s firm invested $100 million in Bitcoin (BTC) and Ether (ETH), respectively, as talk of a pending spot Bitcoin exchange-traded fund (ETF) approval ramped in the United States in 2023.
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