Coinbase CEO: Institutional clients spend hundreds of millions on crypto – every week

During the summer, there has been a lot of talk about institutional investors’ new interest in cryptocurrencies in general and bitcoin in particular.

Among other things, many have wondered if bitcoin is now seen as a safe haven for investors when the stock market is shaky.

A lot of money

One who believes that the institutional interest has grown is Brian Armstrong, CEO of the American crypto exchange Coinbase. According to him, the institutional money coming in are no small sums.

“Twelve months ago, whether institutional customers would embrace bitcoin was an open question. Now we know the answer. Every week, institutional clients buy cryptocurrencies for between $200 million and $400 million from us”, he writes on Twitter.

The question is whether the announcement will give bitcoin’s, at the moment quite low, price a push upwards.

Earlier this week, Trijo News reported that Coinbase had been left by its bank in the UK market. You can read about that here.

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