The importance of institutional investors continues to grow in the crypto market. As companies like MicroStrategy continue to invest their profits in cryptocurrency. While large firms around the world are betting more strongly on BTC. Thus, the point is reached where Grayscale owns more than 650,000 Bitcoin, as the Bitcoin designer known as Skyler comments in the Tweet of the day:
More Bitcoin purchases with Grayscale
Grayscale revolutionized the Bitcoin market. And it is that, although it was a series of different conditions that allowed the last great rally in the price of the cryptocurrency. Without Grayscale, the hundreds of institutional investors who have acquired millions of dollars in Bitcoin in recent months would hardly have entered the crypto market. Thanks to this, boosting the demand for BTC, and with it its price.
Of course, this process has been accompanied by the increase in the equity in Bitcoin of different companies. Among which MicroStrategy, with its 91,579 Bitcoins, and Tesla with its 48,000 Bitcoins, are just the main examples of companies that decided to trust BTC. What has already generated profits of 240% and 170% respectively.
Thus, we have reached the point where currently the main Bitcoin hodlers are not traditional whales, but institutional investors and traditional companies. What ends up providing greater security to investors who want to enter the crypto market, and see that large entrepreneurs like Elon Musk have already trusted Bitcoin before. As shown in the map prepared by Skyler:
“This is a map of Grayscale, MicroStrategy, Tesla, Square and Coinbase holdings in BTC based on BitcoinTreasuries.”
Grayscale owns more than 650,000 Bitcoin. Source: @Skyler_ws
However, this is not a definitive map of the state of the crypto market. Well, every day that passes, more people enter the world of cryptocurrencies. Which makes us think that in the future other institutional players as large or larger than MicroStrategy and Tesla, will begin to acquire large amounts of Bitcoin. Being therefore only a first portrait of the consolidation of Bitcoin in the traditional business world.