An executive at Bitcoin’s largest US brokerage house said that on an ordinary day at Coinbase he receives five institutional clients interested in investing more than $100 million each.
In an interview for a Youtube channel, Coinbase revealed that it had „an explosion of institutional capital received“. According to Brett Tejpaul, the brokerage firm’s institutional director, $20 billion is in Coinbase’s custody, with $14 billion accumulated since April. Coinbase is the largest cryptomorphic brokerage house in the United States.
The executive explained that it is responsible for increasing the company’s institutional adoption of cryptomorphs, whether in sales, trading or custody. He said the timing is phenomenal for cryptomorphs because there has been an explosion of activity:
„We have over $20 billion in custody.
Brett Tejpaul also said that on an ordinary day at Coinbase he receives five institutional clients interested in investing more than $100 million each in Bitcoin.
„This really triggered a second wave of institutional adoption.
He highlights some recent events that have caused the boom in Bitcoin adoption, starting with the famous hedge fund manager Paul Tudor Jones, who placed about 2% of his fortune in Bitcoin.
The billionaire’s decision „was important because it served as a calling card for other companies that are thinking of Bitcoin as a value reserve, or Bitcoin as a potential risk hedge for the portfolio,“ he detailed:
„We saw an incredible wave of institutions following Jones‘ example“.
Other famous hedge fund managers who have made optimistic statements about Bitcoin are Bill Miller, who said all the big banks will eventually have exposure to Bitcoin, and Stan Druckenmiller, who called Bitcoin an attractive reserve of value that can beat gold.