~ noting that until now the bitcoin price action has been driven primarily by retail investors...I thought there were more institutional money that's pushing the price. If this statement is true, then six digits is easily achievable. The only question now is what would be the number? Whatever that is, this is good for traders looking to profit in this cycle.
Years from now, we can then evaluate if the presence of these new whales is doing the crypto industry good or they are just like a big nuisance you can't take away anymore.If institutions keep coming to crypto, then we will become another gold or silver in their hands. At the very least, they will influence the price in more tangible ways, even if retail keeps coming to the market. On the other hand, I doubt it will affect the network directly unless they start moving to launching their own mining operation. Even if it did happen, the hash rate distribution wouldn't centralize around the institution that much imo. If the worst happens, we will see a fork or something similar. Crypto is a good source of income for them anyway, I doubt they will willingly let it die soon.
Goldman Sachs is seeing more institutions diving into crypto, the global investment bank’s head of digital assets has revealed, noting that until now the bitcoin price action has been driven primarily by retail investors... See more for yourself here (https://news.bitcoin.com/goldman-sachs-sees-more-institutions-diving-into-crypto-says-bitcoin-etfs-prompt-a-psychological-shift/).
Your opinion is greatly appreciated.