Following the conclusion of the 2022 Bitcoin (CRYPTO: BTC) conference held in Miami, Florida, an analyst at Needham shared his key takeaways.
More Institutional Participation: The 2022 conference stood out from the prior ones in that it had a more "institutional nature," analyst John Todaro said.
There was a considerable increase in the number of Wall Street institutions, traditional asset managers, corporates and policymakers participating, the analyst said. This is a marked deviation from previous years when retail traders and enthusiasts used to dominate, he added.
Trading exchanges and platforms such as Talos, eToro and Bitstamp noted during the conference that institutional investment firms — including traditional managers — are increasingly adopting platforms/exchanges, the analyst said. This, according to him, necessitated the launch of dedicated cryptocurrency desks and the hiring of engineering talent.
"There was a high level of attendance from traditional institutions as they are ramping up investments, hiring talent, and growing their capabilities in the space," Todaro said.
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Bitcoin Miners Talk Challenges: The analyst noted that several Bitcoin miners, including Bitfarms Ltd. (NASDAQ:BITF) and Core Scientific, Inc. (NASDAQ:CORZ) delved on infrastructure bottlenecks such as transformer deliveries. US BTC Corp reiterated the need for a taking a disciplined approach toward acquiring mining rigs, he added.
Robust Private Crypto Market Activity: Todaro noted robust private cryptocurrency market activity, with companies continuing to raise huge capital despite the soft public markets. Deal counts and sizes reached a record for the month in March.
At last check, Bitcoin was trading at $39,900.45, down 0.64%.
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