In September 2017, Bank of America Merrill Lynch had asked 200 institutional investors what they believed was the most popular investment. A majority of them responded with “Long Bitcoin.” That does not mean that participants were actively investing in the digital currency. But it allowed a nascent market to realize its potential in Wall Street.
A price boom and its subsequent crash later, the Bitcoin market is still waiting for the same thing: institutional investment. As it does, it has also experienced a glimmer of hope in various instances.