It will soon be a daunting task for any average person to buy just 1 Bitcoin (BTC).
That's according to a recent post on Twitter from Binance CEO Changpeng Zhao. The CEO was posting to comment on recent reports that one of the Canadian-based institutional funds has now passed the $ 1 billion mark in value of its Bitcoin holdings.
On the one hand, Bitcoin has been in the headlines, having recently hit a fresh ATH of around $ 42k before retreating a bit and then skyrocketing to stay above $ 35k. At the moment, anyone willing to buy 1 BTC would have to shell out a whopping $ 35.7k. It is a fact that not many economically average people can afford that. Some may even have a hard time making that decision.
Institutional funds devouring Bitcoin
In the post, Zhao pointed out that institutional funds are seriously focused on accumulating as much BTC as possible. That is perhaps the main motivation behind the Canadian company's operations. The firm, called 3iQ, is currently the largest crypto fund in Canada. It is also the first public Bitcoin fund in the North American country. 3iQ is regulated by the Ontario Securities Commission as well as the Canadian Securities Administrators. The firm is also listed on the Toronto Stock Exchange.
To celebrate the new milestone, 3iQ also sent a tweet. The company's cryptocurrencies are in the custody of the Gemini cryptocurrency exchange, owned by the Winklevoss brothers, Tyler and Cameron Winklevoss.
It's late, but not too late
For some time now, cryptocurrency analysts and fans have touted Bitcoin as the ultimate digital gold that is expected to reach a value of more than $ 200k.
In that sense, it is not too late to buy Bitcoin yet, even though anyone buying now will have missed a huge opportunity not to buy when it was much lower.
What does it mean for BTC?
Institutional funding is what has been expected to prop up the cryptocurrency market and bring it into the mainstream.
With the current aggressive accumulation of Bitcoin by big mutual funds like 3iQ and Grayscale, it is only a matter of time before BTC takes another big jump in price. The effects of the recent accumulation are already being felt with the current high prices.