Institutions - Blockchain data insights

How Institutions are Sourcing Blockchain Data solution provider for Better Insights

In recent years, institutions have become more inclined to invest in digital assets, from putting #Bitcoin on their balance sheets to setting up shop in the metaverse. The ways brands and institutions are investing in cryptocurrencies continues to expand.

The institutional presence in crypto began in earnest when MicroStrategy, helmed by Bitcoin maximalist Michael Saylor, bought $250 million worth of bitcoin in August 2020. This was followed by an additional $175 million purchase one month later. MicroStrategy’s big step was followed by payments processor Square’s $50 million BTC purchase in October 2020 and EV manufacturer Tesla’s $1.5 billion BTC investment in February 2021.

As the institutional interest in cryptocurrencies continues to grow, so does the need for reliable data sources. In this article, we will explore how institutions are sourcing blockchain data insights services to make better decisions about their crypto investments.

MicroStrategy’s Bitcoin Bet

MicroStrategy’s CEO Michael Saylor is a well-known Bitcoin advocate and has been vocal about his bullishness on the leading cryptocurrency. In an interview with CNBC, Saylor revealed that he sees Bitcoin as a “swarm of bees going after the same honey pot.” He further explained that as more institutions buy into BTC, the price will continue to go up because there is a limited supply of 21 million Bitcoins. At the time of writing, MicroStrategy holds approximately 71,079 BTC worth over $3 billion. 

In order to make such a large purchase, MicroStrategy had to source reliable data insights about Bitcoin. The company turned to BlockFi for help with its BTC strategy. BlockFi is a cryptocurrency lending and borrowing platform that also offers insights about digital assets through its BlockFi Insights product. BlockFi Insights provided MicroStrategy with data-driven analysis about Bitcoin’s price movements and helped the company make an informed decision about its BTC investment strategy.

Square Invests $50 Million in BTC

Payments processor Square revealed in October 2020 that it had bought 4,709 Bitcoins for $50 million, representing 1% of its total assets at the time. According to Square’s CFO Amrita Ahuja, the move was part of the company’s broader commitment to financial inclusion and empowering people with greater access to the global economy. Ahuja also said that Square believes cryptocurrencies have the potential to be a more inclusive form of payment than fiat currencies.

To help it make an informed decision about its BTC investment, Square turned to NYDIG, a subsidiary of Stone Ridge Holdings Group that provides institutional investors with access to digital assets like Bitcoin. NYDIG helped Square understand how BTC could fit into its overall investment strategy and provided insights about the cryptocurrency market. NYDIG also assisted Square with executing its $50 million BTC purchase and currently manages Square’s BTC holding on its behalf.

Tesla Invests $1.5 Billion in BTC 

In February 2021, electric vehicle manufacturer Tesla revealed that it had bought $1.5 billion worth of Bitcoin and would start accepting BTC as payment for its cars soon. Tesla’s CFO Zach Kirkhorn said that the move was part of the company’s effort to “diversify and maximize returns on our cash." He also said that Tesla sees Bitcoin as a “less volatile asset than cash" and that the company views cryptocurrencies as having "long-term upside potential." At the time of writing, Tesla holds approximately 72,000 BTC worth over $3 billion. 

To help it make an informed decision about investing in Bitcoin, Tesla turned to Galaxy Digital, a full-service cryptocurrency firm founded by Mike Novogratz. Galaxy Digital provided Tesla with data-driven analysis about Bitcoin and helped the company develop a long-term investment strategy for BTC Galaxy Digital also assisted Tesla with executing its $1 .5 billion BTC purchase and currently managesTesla'sBTC holdings on its behalf . 

When Charles Babbage said that errors using inadequate data are much less than those using no data at all, he was referring to the importance of having accurate and reliable data. And that's a lesson that Propellyr Inc. has taken to heart. Rajiv Kasera & Vivek Maurya building Propellyr Inc. with first principal thinking & committed to provide global standard blockchain data SQL infrastructure.

Propellyr Inc. is a company that specializes in providing ultra-fast blockchain data SQL infrastructure. Their systems are designed to provide the most accurate and reliable data possible, which in turn leads to better insights for their clients.

Propellyr Inc. query engine is second to none, and can super charge your data analytics. So if you're looking for a partner who can help you make the most of your data, then Propellyr Inc. is the right choice.

Reach Propellyr Inc. :

As the institutional interest in #cryptocurrencies continues to grow , so does the need for reliable data sources . In this article , we have explored how some of the world's largest companies are sourcing blockchain data insights services to make better decisions about their crypto investments . While each company has different needs , they all share a common goal: to get better insights into the cryptocurrency market so they can make informed decisions about their investments . With blockchain data insights services , companies Tesla JPMorgan Chase & Co. J.P. Morgan Goldman Sachs Square are able to do just that .

Brian Armstrong Brad Garlinghouse L.J. Brock Brock Pierce Tyler Winklevoss Ty Smith Anthony "Pomp" Pompliano Alex Adelman Barry Silbert 🏳️ 🌈 Paul McNeal Justin Wu Vivek Maurya Rajiv Kasera Kavita Gupta Polygon Technology Ethereum

Richard Turrin Efi Pylarinou Marcel van Oost Linas Beliūnas Sandeep Nailwal Dr. Julian Rowa Julian Gordon Paul F. Dowding Ian Davey