CMCC Global Bitcoin Report – January 2021

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CMCC Global presents a comprehensive report of important Bitcoin milestones, trends, metrics, and insights.

Bitcoin had a December to remember, as funds, companies, and institutional investors bought Bitcoin in record volumes to hedge against economic uncertainty. Bitcoin finished 2020 up over 300%, dominating the returns of all other asset classes.

With a market cap of less than USD 1 trillion and an absolutely fixed supply, institutions also discovered that they can exert incredible influence on the Bitcoin market by hoarding all available supply and removing it from circulation. A deteriorating economic landscape, rising social tensions, and concerns over monetary policy have pushed investors to seek out scarce and censorship-resistant hedges, and a Bitcoin allocation continues to be their preferred strategy. As Bitcoin becomes an essential hedge for institutional portfolios, there were also a handful of other noteworthy developments accelerating Bitcoin adoption in December:

• MicroStrategy raised USD 650M of debt to buy an additional 29,646 BTC for its company treasury
• Coinbase filed a confidential S-1 with the SEC, and one futures market is currently valuing the company at USD 78 billion
• Bitcoin Funds received huge demand, with Grayscale’s Bitcoin Trust seeing record capital inflows and the Liberty Bitcoin Fund doubling its AUM in December
• 6 public and private companies added to their Bitcoin treasury holdings in December
• Bitcoin’s derivatives markets continued to set records in volume, despite a lack of regulated options for institutions

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