/PRNewswire/ The first decentralized cryptocurrency, Bitcoin, was created in 2009. Since then, cryptocurrencies have become incredibly popular and were even.
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As Bitcoin s rally pushes ahead, even its harshest detractors have been forced to mute their criticisms. Blockchain is the next frontier for financial applications, and with Bitcoin s market capitalization rivaling the GDP of some small countries, the world of finance is definitely in for some decentralization. Bitcoin s explosive growth finally has institutional investors perking their ears up to listen, but it s not necessarily the original cryptocurrency that s sparked their interest.
Decentralized Finance (DeFi) has been the name of the game for the last year, measuring record-breaking growth across multiple sectors. Since the start of last year, DeFi s Total Value Locked (TVL), or the total ETH locked into DeFi platforms, has grown from just under $700 million to over $50 billion today.
âThe price could explodeâ: bitcoin stirs institutional interest
Jan 29, 2021 â 12.01am
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Bitcoin s surging valuation has carried Australian capital markets veteran Richard Galvin s Digital Asset Capital Management to a 2020 return of 428 per cent, making the dealmaker turned fund manager the face of a movement that s staking a claim as a future reserve currency.
Soaring interest from professional investors means bitcoin could turn a breakthrough 2020 into a sustainable future and extreme monetary policy is helping legitimise the once renegade cause.
Vimal Gor, who oversees $22 billion in assets, says investors have an opportunity to buy bitcoin before a wall of institutional money hits. Â
Will we see a cryptocurrency ETF on the ASX this year?
Tony Yoo | January 27, 2021 3:02pm Image source: Getty Images
Cryptocurrencies have once again piqued the interest of some retail investors, as the likes of Bitcoin and Ethereum have reached new all-time highs.
Bitcoin has quadrupled in price in the past 12 months, making it one of the best-performing assets over the COVID-19 period.
But to many share investors, they remain a bit of a mystery.
How does one acquire them? How do you store them safely? How liquid are they?
Buying shares in cryptocurrency
One idea floated for many years is the concept of a cryptocurrency-based exchange traded fund (ETF).