Unlimited appetite for Bitcoin (BTC)
Grayscale has just passed a major milestone, the company now owning 509,581 bitcoins (BTC), a considerable amount of BTC which corresponds to nearly $ 8.4 billion when writing these lines.
Known for grabbing all the bitcoin she can, Grayscale has 2.7% of all Bitcoin supply under its management currently in circulation, a figure which is constantly increasing. A figure raised to 3.33% if we take into account the 3.7 million BTC lost forever, according to an analysis by Chainalysis.
Intended for institutional investors, Grayscale’s products are victims of their success, especially since Bitcoin has embarked on a new bull run a few weeks ago.
Although buying Bitcoin through Grayscale turns out to be around 20% more expensive than the rest of the market, the company offers its customers a regulated and ultra-secure platform.
Taking into account all the crypto-assets supported by Grayscale, the amount of these assets under management is a hair’s breadth away from reaching the symbolic sum of 10 billion dollars :
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An inevitable scarcity of Bitcoin
As asset managers like Grayscale continue to accumulate astronomical amounts of bitcoins, supply inevitably becomes scarce.
More surprisingly, the rate of purchase of BTC by Grayscale is so consistent that the company takes all the bitcoins mined since the halving of May 11. Every day since that date, alone 900 bitcoins are mined and put into circulation. In parallel, Grayscale regularly adds between 10,000 and 15,000 BTC each week …
This goes a long way in keeping the supply of bitcoin below demand, a component that undoubtedly helps the price increase that the cryptocurrency queen is currently experiencing.
In addition, Grayscale also holds a significant amount of Ethers (ETH), nearly 2.2% of all the supply in circulation.
Such enthusiasm for the fund Bitcoin Trust Grayscale’s (GBTC) shows once again how institutional investors see Bitcoin as a top investment.
Doubt is no longer allowed, wealthy investors are no longer afraid to turn to Bitcoin. The trend is accelerating at breakneck speed and seems far from calming down.
👉 To go further – JPMorgan admits, the upside potential of Bitcoin (BTC) is considerable
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About the Author : Clement Wardzala
Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have endeavored to share qualitative content so that the sector is democratized to everyone.
All articles by Clément Wardzala.