Since the creation of Bitcoin in 2009, the crypto market has been dominated by retail investors, lured by the promise of financial freedom or the prospect of making a fast buck. But decentralized Finance (DeFi) has come a long way in the last 15 years, reaching levels of innovation, maturity and liquidity that have now caught the eye of institutional investors.
An industry that once dismissed crypto assets as a threat to the global financial system and a tool for fraud and money laundering has shifted its sentiment. “My opinion five years ago was wrong,” one former Bitcoin skeptic, BlackRock CEO Larry Fink, said back in July. “I believe Bitcoin is a legitimate financial instrument that allows you to have uncorrelated returns.” When the head of the world’s largest asset manager endorses crypto as a viable alternative asset, it’s a pretty good signal that other traditional financial (TradFi) actors are likely to follow suit — and they have.
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