Bitcoin continues to amaze the investor community by delivering astounding returns. The chart shows the Bitcoin is again trending towards its former glory. A recent steady rise of 2.44 percent shows the pattern of its projected growth. Other cryptocurrencies also gained and followed the momentum.
In this regard, Ethereum and Ripple went up by 6.83 percent and 0.728 percent respectively. Litecoin also followed the suited and swelled by 4.14 percent. One of the question that frequently asked is the reason for the growth of bitcoin.
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One of the key reason was the passing of the tax deadline. According to the government data, due to the healthy and steady rise in the price of bitcoin, the investors owed $25 billion in capital gains taxes in the period of 2017.
Further, a trend has started in which the firms have decided to park their surpluses in the bitcoin. In this regard, LBX CEO, Benjamin Dives, said that his firm is now increasing investing in cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Ripple. It was the common perception among the individual investor community was that the institutional investors are hesitant in investing in asset classes such as cryptocurrency.
However, this believe is changing as institution investors such as LBX are taking a leap and diversifying their portfolios by adding the asset class such as cryptocurrencies.
The LBX CEO said,” “From hedge funds to pension funds, institutional investors are taking cryptocurrency seriously. “At LBX, institutional investors have had access to our over-the-counter desk for some time, which allows investors to trade cryptocurrencies under preferential conditions for high volume orders.”
