BIT10 Is Inspiring Institutional Investment Thanks To Abra
Institutional investment is a driving force that promises to pull Bitcoin up to the very top. Many expect that when the big institutions start to get involved that Bitcoin will surpass all of its targets and reach values that far exceed $20,000.00. This is why, when we hear news of index funds and other projects of institutional interest we all get a little bit excited.
This latest project, through Abra is no exception to this. BIT10, or Bitwise 10 Large Cap Crypto Index is an index fund that tracks the ten largest cryptocurrencies by market capitalisation in order to allow institutional investors to invest in the best highest ranked cryptocurrencies in the market.
How does this work?
BIT10 tokens mean that investors wonât need to spend their own free time researching the various cryptocurrencies and wonât need to open numerous accounts on wallets or exchanges in order to invest. Simply put, BIT10 makes it far easier for institutional investors to get involved in cryptocurrency. The current complexity surrounding investment is one of the main reasons that institutional investment has remained on the down low this far into the life of the likes of Bitcoin. Itâs hard to invest, therefore, busy institutions donât have time for it.
BIT10, through Abra reduces this time and makes the whole process a lot simpler.
Through a partnership between Bitwise and Abra, any users of Abra will be able to purchase cryptocurrency for a minimum investment of $5.00. According to Blokt, the CEO and founder of Abra, Bill Barhydt has spoken about the release of BIT10, stating:
âWe created the BIT10 token to allow greater access to cryptocurrency investing by making the experience simple and accessible. Through partnerships like this one with Bitwise, Abra has created an unprecedented opportunity for the everyday person to start investing in crypto.â
Furthermore, according to Blokt:
âBitwise CEO Hunter Horsley echoed Barhydtâs statements and said that index investing is popular in traditional financial markets and cryptocurrencies because it provides diversified exposure without the hassles of constantly monitoring the news. He also noted that index investing has been available only to institutional investors in cryptocurrencies and he is thrilled to change that with the BIT10 token on Abra.â
Is this the institutional investment needed to push BTC to $20k?
Possibly not. Whilst BIT10 is quite exciting, it doesnât seem to have the same impact as the bigger institutional paths such as Bakkt and the mysterious Bitcoin ETF. It is within the ETF that most investors expect to see a Bitcoin rally and not within these smaller and somehow less powerful announcements.
Either way, BIT10 is a good thing that is set to inspire a lot of new people to start to invest in crypto.