TD₿: 2022 Institutional Investor Digital Assets Study by Fidelity Digital Assets
TL;DR Despite the downward price action, institutional interest in Bitcoin has not waned.
Hey Bitcoiners,
After you’ve experienced a full cycle or two, you start to appreciate bear markets more.
I used to roll my eyes when I heard Bitcoin OGs say that they prefer bear markets over bull markets. Surely they are just virtue signaling, everyone loves to get wealthy during bull markets. But now, I tend to agree with them.
There is so much more signal in a bear market compared to the euphoria of a bull. All of the speculators and unserious people have dropped off with the price action, and all that’s left now are serious builders and highly-convicted individuals who are aligned with the Bitcoin mission.
The big difference between this Bitcoin bear market and the ones of the past is there remains a high level of interest from institutional investors despite Bitcoin’s recent performance.
There have been countless examples of this, but recently we saw BNY Mellon, the world’s largest and oldest custodian bank, announce that it will begin offering Bitcoin services to its clients. On top of that, we also had Mastercard announce the launch of a service that will allow their financial institutions to offer Bitcoin trading to their clients.
Fidelity Digital Assets puts out a survey every year to gauge institutional interest in the industry. Their 2022 survey results were recently released, and they corroborated what we’ve been seeing here at Swan on the ground. Institutional interest in Bitcoin has only strengthened throughout this bear market.
In the study, the number of institutional investors that hold positive views of Bitcoin has increased in the U.S. and Europe compared to last year, and, in total, 74% of the investors surveyed plan to invest in Bitcoin in the future, up 3% from 2021.
You can read all of the key findings of this annual survey from Fidelity Digital Assets here. (10/27/2022)
It’s important to remember that these large institutions don’t move fast. As the old saying goes, “Big ships turn slowly.” Having said that, the trend here is clearly moving in the right direction.
During this bear market, key infrastructure is being built out that will help usher in the next wave of Bitcoiners.
Tick tock next block,
Cory Klippsten
Side note: I will be taking a break from writing the Daily Bitcoiner over the next two weeks as the whole Swan team focuses on the Pacific Bitcoin conference. It’s going to be a blast, and we would love to see you there! If not, then make sure you tune into the live streams!
Are you still looking for a ticket to Pacific Bitcoin!? ☀️ 🌴 If so, then use the code “DAILY” for 20% off your ticket purchase today!
Sign up for Swan and receive $10 in free bitcoin today.
Quote of the Day
“Psychology is fascinating. Every bear market you are given months to get Bitcoin at a fire sale, yet most rather wait for new all time highs.” - Charles Edwards, Founder at Capriole Investments
Job of the Day
Synota is searching for a Full Stack Engineer to join them on their mission to build the next-generation Bitcoin and Lightning apps that utilize cutting-edge technologies and take the energy industry to the next level by fixing core issues in energy finance.
Not your particular skillset? Check out all the Bitcoin jobs at bitcoinerjobs.com.
Featured Event
Saturday — the Philadelphia Bitcoin Club will be meeting at the Philadelphia Brewing Co. from 4:00-8:00 pm to discuss the “Bitcoin Circular Economy.” The conversation will focus on the importance of Bitcoin being used for day-to-day transactions. Come hang out and join in on the fun!
Not in town for this? Check out all the Bitcoin events at bitcoinerevents.com.
Meme of the Day
(h/t @MemeingBitcoin)