While everyone currently in the cryptocurrency space eagerly awaits the supposedly inevitable flood of institutional money, questions have been asked as to where said funds will go. Element Group’s Thejas Nalval claims Bitcoin is “number one on that list.”
The cryptocurrency market is currently supersaturated with failed and soon-to-be-failed projects. Nevertheless, the cream rises to the top and there are currently numerous contenders for the top spots. So where will institutional investors put their funds, if and when they decide to enter the market?
Element Group, a self-proclaimed global strategic partner in the transforming of traditional finance with crypto economics, digital assets, and proprietary technology solutions, believes Bitcoin 00 the first and foremost place for institutional investors to place their funds. Director Thejas Nalval explained:
I look purely at the numbers. Bitcoin has the largest market cap. It has the most liquidity. So if I was to predict where an institution wants to come in first, Bitcoin would be number one on that list.
Nalval himself is also personally bullish on the market leader, explaining that it evidently has the strongest fundamentals behind it.
I am very bullish on Bitcoin, just given its market cap and given the investor community behind it, given the developer community behind it.
From a strictly trading perspective, Bitcoin indeed seems the obvious choice for institutional investment — given its less volatile (though still volatile) nature in a notoriously volatile market. In short, when Bitcoin takes a hit, everything else gets hit harder.
The market leader is currently trading at $6,586.15 at the time of this writing — down 0.56 percent over the last 24 hours.
Do you think Bitcoin is still the strongest investment in the cryptocurrency space? Will institutional investors look to comprise the bulk of their portfolios with the market leader? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock, CoinMarketCap.com.