Demand for Bitcoin from institutional investors continues to grow despite the current market situation.
The last few months have been very tough for the cryptocurrency market. general situation of financial markets, With soaring public debt, uncontrollable inflation and continuous interest rate increases, this is reflected in the price of cryptocurrencies, which is still failing to gain traction.
Since September, Bitcoin has been oscillating almost horizontally. The latest interest rate hike saw it lose the $20.000 level, touching $18.000, before recovering again. At the time of writing, BTC is at $20.128, having recovered almost 7% in the past few days.
Bitcoin remains the best option for investors
New York Digital Investment Group (NYDIG) has disclosed during a filing with the United States Securities and Exchange Commission (SEC) that it has raised approximately $720 million to invest in Bitcoin.
According to NYDIG, The funds belong to 59 different investors. The firm has not revealed the names of the investors, although the amount raised suggests that most of them are companies seeking to diversify their investments.
In the past, NYDIG has received equity investments from firms such as Morgan Stanley or Massmutual, which indicates the interest of large financial institutions in cryptocurrencies, especially Bitcoin.
Bitcoin adoption as a form of payment is growing
As large entities around the world are betting on Bitcoin, so are traditional businesses.
Recently, the fast food multinational, McDonald's has begun to accept Bitcoin as a form of payment in the Swiss city of Lugano.
This is an initiative that is part of the project of Tether and the local government to become a European Centre for Cryptocurrency and Blockchain.
In March, Lugano signed a collaboration agreement with Tether, the company in charge of the stablecoin USDT, to implement a Crypto payment system for public services, such as parking tickets or tax payments, and encourage the adoption of blockchain throughout Europe.
Increase the capacity of the Lightning Network
On the other hand, as Bitcoin payments become increasingly popular among users, the Bitcoin payment channel layer, Lightning Network has reached a new milestone: already can transmit 5.000 BTC in a single transaction.
In this way, as the payment layer improves, the iImplementation of cryptocurrency payments in companies around the world will become more viable.
At the moment, several companies, such as MicroStrategy or Strike, are working on the development of new applications and in improving the Lightning Network.
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