headline We are starting to see an in昀氀ux in the number of larger holders and institutional accounts that are holding bitcoin as a treasury asset. We’ve recently witnessed the introduction of Square, Inc. (NYSE: SQ) crypto ETFs. Institutions have o昀케cially started moving their asset allocations to Bitcoin announced today and institutional custodians like NYDIG and Coinbase are focused on serving this large that it has purchased institutional demand 62. Going forward, we don’t think people will be highlighting the one-o昀昀 approximately 4,709 investments that corporations are making with brave treasury teams, but rather we believe bitcoins at an aggregate we’ll see the asset mature to become a broad-based core feature in 昀椀nancial functions. purchase price of $50 million...The investment We expect that we’ve only scratched the surface for the number of Bitcoin’s use cases as a represents approximately native currency on the internet. We now take it for granted that email can be exchanged 1% of Square’s total interoperably. We expect that we will soon also take for granted that money can be sent assets as of the end of interoperably on the internet. 63 the second quarters . We are also witnessing “decentralized 昀椀nance” (DeFi) make its way into common parlance as an umbrella term for applications of cryptocurrencies geared towards disrupting traditional 昀椀nancial intermediaries. The DeFi applications are executed on a blockchain, independent of control from any single entity, in the hope that they make our 昀椀nancial system more resil- ient and transparent. DeFi crypto market cap has increased from $2 billion in January 2020 64 to $126 billion in April 2021, highlighting the momentum behind this trend . “Non-fungible tokens” (NFTs) are also starting to proliferate as creators release the 昀椀rst generation into nascent bidding platforms such as Rally. 65 Note: This is just one person’s opinion, not representative of the whole and should not be taken as an endorsement of these views CRYPTOCURRENCY ADVANCES TO THE MAINSTREAM SHARE VISIT PG 41