Coinbase executive "Middle Eastern countries' Bitcoin investment size larger than reported"
Summary
- Coinbase's Chief Investment Officer for asset management, Eric Peters, said that the scale of Middle Eastern countries' Bitcoin investments is larger than reported.
- He explained that institutional investors are cautious about entering the Bitcoin market but prioritize stock investments.
- Peters said institutions are likely to choose to first invest in crypto infrastructure.
On the 2nd (local time), according to crypto-asset (cryptocurrency) specialized media Crypto Basic, Coinbase's Chief Investment Officer (CIO) for asset management, Eric Peters, said, "The scale of Middle Eastern countries' Bitcoin (BTC) investments is much larger than has been revealed." Peters explained, "Institutions are entering the Bitcoin market, but most are hesitant to buy at current prices and therefore prefer stock investments instead." He also said, "Institutions that are hesitant to buy Bitcoin directly are more likely to first invest in crypto-related infrastructure," suggesting that institutional flows could expand into infrastructure and the broader digital asset market in the future. Bitcoin is trading at 110,011.28 dollars on the Binance Tether (USDT) market at 00:46 on the 3rd, up 2.11% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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