Bitcoin’s spark is back as the top cryptocurrency surged past the $54,000 mark, pushing its value above $1 trillion. BTC has been up by 9% in the last 24 hours to trade at $54,002 at the time of writing, according to CoinMarketCap.
New data by digital asset firm Bloqport reveals that 25 publicly traded companies now hold a total of 178,855 Bitcoin on their balance sheets worth $9.6 billion. They include Tesla Inc, Microstrategy Inc, Voyager Digital LTD, Galaxy Digital Holdings, Meitu, and Square Inc, among others.
Institutional investment has been a remarkable driving force behind Bitcoin’s bull run as corporate giants have been on a spending spree. For instance, a few days ago, leading business intelligence firm Microstrategy added 205 BTC worth $10 million to its portfolio.
Fears of asset devaluation
Market analyst Holger Zschaepitz believes that the high institutional demand for Bitcoin is being fueled by fears around asset devaluation as global governments continue…