Miners continue to buy bitcoins
Fresh data from Glassnode shows a strong trend among bitcoin miners to have more digital assets as a result of their operations than their mining volume. Moreover, the decrease in bitcoin price that happened on May 1 9 caused miners to want to buy even more of this cryptocurrency, which was carried out. This situation is not surprising: companies with investments in mining equipment came into bitcoin mining, which means we are talking about long-term investments.
In addition to miners, other cryptocurrency marketers are also interested in bitcoins. For example, Justin Sun, founder of digital asset project Tron, said on May 19 that he bought 4, 145 thousand bitcoins at an average price of $36,868,000, paying a total of $152,818,183 for them. The founder of ARKInvest Kathy Wood is so optimistic that she is convinced that bitcoin will eventually rise in price to $500 thousand.
There is also interest among major U.S. banks to begin integrating cryptocurrencies into their products. Such well-known credit institutions as JP Morgan, Goldman Sachs, Morgan Stanley and BNY Mellon have already made positive steps towards digital assets. Now it’s turn for another financial giant, Wells Fargo.
Wells Fargo Investment Institute President Darrell Cronk said Wells Fargo is preparing to launch a number of cryptocurrency-based financial products because it views cryptocurrencies as “a real investment asset.” Another bank, California-based Suncrest Bank, has begun talks with cryptocurrency company NYDIG about creating a platform that would allow banks to buy, sell, and store bitcoins directly into bank accounts.