Corporations are exploring the possibility of investing in bitcoin on a sustained basis, said Darren Jordan, BitGo’s managing director for the EMEA region, during Token 2049. The Block reports.
According to Jordan, several companies contact him weekly, seeking to “set aside a small percentage of their balance sheet” for cryptocurrency purchases.
“This is the most significant change we’ve seen in the last 12 months,” he emphasised.
Jordan noted that such investments require companies to elevate their awareness of the asset, and they must also navigate liquidity and regulation, he added.
Genesis Trading CEO Michael Moro, on the same panel, agreed with Jordan. He said that while the firm has worked with hedge funds since 2015 and since then family offices and other institutional investors have entered the market, the biggest changes have occurred in the last year.
“We are seeing a colossal increase in the number of corporations placing cryptocurrency on their balance sheets. And it’s no longer just American tech companies, but firms from South America and Southeast Asia, diversifying their portfolios in this way,” said Genesis Trading’s head.
As noted, SkyBridge Capital founder Anthony Scaramucci believes that corporate interest in the new asset class is exaggerated, and only one in ten institutional investors has entered the crypto market.
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