Coinbase CEO: Institutions Depositing $200-400M Into Crypto Per Week (#GotBitcoin?)
Bitcoin (BTC) adoption by institutions has gone from a myth to fact in the past year, the CEO of major cryptocurrency exchange Coinbase has said. Coinbase CEO: Institutions Depositing $200-400M Into Crypto Per Week (#GotBitcoin?)
“We Know The Answer” About Adoption: Armstrong
Speaking on Twitter Aug. 16, Brian Armstrong said that 2019 had formed the year of reckoning for institutional Bitcoin uptake, with the trend now obvious. He wrote:
“Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it’s safe to say we now know the answer. We’re seeing $200-400M a week in new crypto deposits come in from institutional customers.”
Coinbase Becomes World’s Largest Crypto Custodian
Armstrong made the comments hours after Coinbase confirmed its acquisition of the international operations of storage giant Xapo.
The move, as Cointelegraph reported, put Coinbase top of the institutional manager list for crypto with $7 billion of assets under custody.
Despite Bitcoin’s 2019 bull run fizzling in recent weeks, Armstrong remained highly buoyant about the future, as multiple new institutional investment products hit the market.
These mainly include Bitcoin futures offerings, which will come from players such as Bakkt and fellow exchange Binance. A decision on whether to allow a Bitcoin exchange-traded fund is meanwhile due from the United States in October.
“In addition to custody, we’re excited to explore new ways to monetize and leverage crypto assets such as staking, borrowing against crypto portfolios and lending crypto to trusted counter-parties,” Coinbase hinted about its future plans in a blog post about the Xapo deal.
Exchanges Hold More Bitcoin Than Ever As Coinbase Wallet Nears 1M BTC
United States cryptocurrency exchange Coinbase will soon hold a million Bitcoins (BTC) in its cold wallets in a controversial first for the industry.
According to data from news and information resource Longhash released on Jan. 23, Coinbase’s cold wallets contained around 970,000 BTC ($8 billion) as of Jan. 1.
Coinbase Weeks Away From 1 Million BTC
If current growth continues, the company will reach the 1,000,000 BTC mark by February.
The trend underscores growing tendencies to interact with Bitcoin via exchanges, with the Coinbase figures including both private and institutional investors.
As Cointelegraph reported, recent attempts to assess institutional habits when it comes to Bitcoin storage already firmly pointed to exchanges being investors’ chosen method.
Now, despite the myriad exchange hacks and other dangers of trusting third parties with their cryptocurrency wealth, it appears that consumers in general still prefer not to control their coins themselves.
“More individuals and institutions need to learn how to self custody,” Tales from the Crypt Podcast host Marty Bent summarized in an analysis of the Coinbase figures on Thursday.
Proof Of Keys Falls On Deaf Ears
With 30 million users registered since launch, Longhash notes that Coinbase is by far the exchange with the largest Bitcoin holdings, but the majority of major trading platforms are seeing their balances increase.
Cryptocurrency proponents have long been irked by the phenomenon, which flies in the face of Bitcoin as sovereign money — trusting someone else with one’s wealth is the equivalent of endorsing central banking.
A dedicated effort to inspire Bitcoin holders to remove their coins from exchanges and place them in wallets to which they control the private keys is now in its second year.
Despite the publicity effort behind Proof of Keys, however, analysis of exchange wallets, which form several of the richest Bitcoin addresses in the world, shows that the most recent event on Jan. 3 did not spark mass withdrawals.
“Coinbase’s apparent dominance and steady growth may be because it attracts a large share of long-term/institutional investors, who are less concerned with short term price swings,” Longhash added in a suggestion that institutions trust exchanges with custody.
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