Institutional investors have looked up in cryptocurrencies. They opened long positions

Large institutional and corporate investors have discovered the magic of cryptocurrencies and make it clear that they count on not just as an asset on which to make a short-term profit. They are starting to take them seriously and are not reluctant to open up long positions on them.

Recently released information that US automaker Tesla bought Bitcoins for $1.5 billion appears to have inspired other corporations to invest in cryptocurrencies. According to an analysis by Norwegian consultancy Arcane Research, purchases of cryptocurrencies are multiplying from non-American firms. Most recently, for example, from Scandinavia or Hong Kong.

Norwegian energy company Aker bought 1170 Bitcoins for nearly $60 million, Hong Kong company Meitu then procured 15 thousand pieces of cryptocurrency Ethereum and 379 Bitcoins. But Arcane Research argues that similar investments have a long-term character, which is good news for cryptocurrencies. It may mean an increase in growth potential for them. It is said to be likely that other firms will follow these steps.

While bitcoin has been subject to quite a lot of volatility in recent weeks, there is no sign yet of a reversal in the trend. Other cryptocurrencies such as Ehtereum or Ripple are also developing similarly.

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