Bitcoin [BTC] price surge could be a sign that institutions are FOMOing

In a recent twitter thread by Rhythm Trader, it was revealed that Grayscale Bitcoin Trust had accumulated 11,236 bitcoins in April. The tweet also said that 54,000 bitcoins were being mined per month and that Grayscale was buying up 21% of the new supply of Bitcoin.

Experts in the field have said that the 2017 Bitcoin bull run was fueled by ‘retail fomo’. However, currently, institutions have been accumulating large deposits and have become a factor for the Bitcoin price surge, if reports were to be believed.

Tom Lee, the co-founder of Fundstrats, had recently put out a poll on Twitter to understand what it took to keep the BTC price on an upward trend.

There were 8,000 respondents and $10k won the highest vote. Nevertheless, Anthony of Morgan Creek had a different point of view on BTC’s current price rise.

He said,

“When compared to Apply Pay and Venmo, BTC was used more as a medium of exchange that these two platforms in 2018.”

He also added,

“Bitcoin was not very popular in retail use and that hopefully platforms like Gemini and FlexaHQ would help turn the situation around for increased BTC mass adoption.”

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