Wall Street Is on a Bitcoin Buying Binge

Wall Street Is on a Bitcoin Buying Binge

When I opened the door to the storage closet, a burst of hot air smacked me in the face.

The year was 2017. I was studying for my master’s degree in finance. And to make some money on the side, I took a job as an assistant to a financial advisor.

One day, I went to the storage closet to get printer paper. But what I found inside shocked me…

There were nearly a dozen buzzing computer rigs zip-tied to the storage racks. They looked similar to the ones in the image below.

That was my first time coming across bitcoin miners.

After digging deeper, I eventually found out my boss was mining bitcoin to recover funds he had lost on behalf of his clients. Unfortunately, the platform he used shut down… And his clients lost access to their bitcoin.

I don’t know whether the funds were lost due to a hack or mismanagement… But it was my first introduction to bitcoin and the blockchain.

Bitcoin has come a long way since I stumbled across my boss’s ramshackle mining operation in his storage closet.

Today, mining rigs look like this…

I got a first-hand look at the mobile center during a recent trip to the Bitcoin 2025 conference in Las Vegas. Bitcoin miners can fit hundreds of rigs into the center and deploy them near low-cost energy sources to keep cool.

The bottom line is the crypto industry is almost unrecognizable from when I first opened that storage closet in 2017 and saw bitcoin miners zip-tied to the shelves.

Right now, we’re in the accumulation phase of bitcoin by institutions. And it’s sucking up all the oxygen in the room from altcoins.

But once altcoins get a chance to breathe again, we’ll see an alt season for the ages. That’s why selling your altcoin positions right now would be a life-altering mistake.

The Bitcoin Accumulation Phase Is Underway