Altcoin News: Overwhelming Majority of Institutional Investors Prefer Bitcoin
February 16, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
Despite the falling cryptocurrency market, the subsidiary Grayscale Investments of Digital Currency Group continues to report on progress.
It is reported that in the fourth quarter of last year, the fund raised $30.1 million. And although this is significantly less than the results of the fourth quarter of 2017, when the fund received funding in the amount of $95.4 million, even this result is quite indicative.
The past year was the best for the fund, which was founded back in 2013 — the total amount raised by the fund in 2018 was $359 million.
“This result is highly expected because at the beginning of last year the ‘cryptocurrency fever’ had not yet subsided”, they commented.
It is noteworthy that, according to the fund, half of the funds received in the fourth quarter of 2018 were attracted from institutional investors and a large percentage of them are pension funds.
“Investors love Bitcoin most of all and feel more confident when their funds are invested in this asset,” said the managing director of the fund, noting that the overwhelming majority of institutional investors prefer the first cryptocurrency.
According to Barry Silbert, founder of the Digital Currency Group and Grayscale Investments, in the long run, most altcoins will have no value.
Author: Marko Vidrih