Under a new plan in Germany, some institutional funds will be able to invest billions in cryptocurrency, which has never happened before, Bloomberg reported.
The new rule will let Spezialfonds with fixed investment rules put as much as 20 percent of what they have into Bitcoin or other cryptos, according to Bloomberg. The funds can only be accessed by institutional investors like pension companies and insurers. They currently manage around $2.1 trillion.
Crypto assets have gradually become more accepted among lawmakers around the globe, Bloomberg reported. While crypto valuations were traditionally the domain of a small number of investors, the asset class has been going more mainstream.
In other news, Bitcoin is on the rise, according to Yahoo, passing $40,000 and its highest numbers in months. The new value is its highest since May of this year.
The crypto was gaining on Sunday (Aug. 1) for the 11th day of the past 12, and it was trading up to $42,606, Yahoo reported.
In mid-April, Bitcoin was trending toward $60,000, but it has been downhill from there until these last few weeks. Supportive comments from backers like Elon Musk and Cathie Wood went a long way toward helping build back bitcoin’s value recently, along with digital asset related job postings by Amazon, according to Yahoo.
Meanwhile, Bitcoin miners were able to rake in over $970 million in the month of July, The Block reported.
The total of $971.83 million also included transaction fees. The transaction fees, referring to the funds paid by users to use the Bitcoin network, ended up at $27.59 million, according to The Block.
Most of the new revenue came from subsidy earnings. Every new Bitcoin block produced 6.25 BTC, The Block reported.
Miners can profit from what they do when the cost of running their operation is lower than the subsidies plus transaction fees they earn, according to the Block. While the monthly figure was higher than June’s $839.09 million, it’s still not as high as the $1.75 billion from March.