First they ignore you, then they laugh at you, then they fight you, then they invest in you.
That's the scene that bitcoin investors and enthusiasts are facing. After years as an underground digital currency and a running joke in the world of finance, bitcoin is suddenly attracting attention from the people who once called it a scam: the big institutions of finance, who collectively control trillions of dollars.
And it might not even be a matter of "if." It's now just a matter of "when."
“The institutionalization of this space is coming. It’s coming pretty quick,” former hedge fund manager Michael Novogratz said at a recent conference. “When it’s that easy, the price of bitcoin or ethereum is going to go much higher. And that is a lot closer than people think," he added.
A survey of institutional investors (the groups that control massive pools of money such as pensions and retirement funds) found that 31 percent have already bought some bitcoin and another 36 percent are considering an investment.
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