Grayscale has been making headlines for cryptocurrencies in recent times. Apparently, this company has been in a Bitcoin buying madness from halving, and people are taking note of this.
Binance CEO Changpeng Zhao is one of the last characters to take note of the Grayscale purchase. In a tweetCZ acknowledged that Grayscale has, in fact, been buying more BTC than is actually being mined. CZ shared a tweet with details of the amount of BTC mined compared to the amount purchased.
It turns out that only about 12,337 BTC have been mined since halving. But Grayscale is said to have bought around 18,910 BTC in the same period. Technically, Grayscale could have bought all the Bitcoins mined since halving and still not reached its purchase target. In fact, investors buying Bitcoin through Grayscale may have really seen their prospect.
The new Grayscale development that buys BTC in large quantities highlights the growing institutional demand for cryptocurrencies and especially Bitcoin. To this end, the market could easily turn bullish and favor hodlers as demand accelerates the price higher.
However, although the institutions are accumulating Bitcoin, they do not seem to have abandoned other cryptos such as Ethereum. I know Know what many whales have been accumulating a variety of cryptocurrencies.
Is the future bright?
In recent years, cryptocurrencies have managed to increase their popularity, with Bitcoin leading the way.
Several governments are now toying with the idea of adopting cryptocurrencies. Some as China and Iran, They have hinted at plans to launch their own national cryptocurrencies.
In that sense, and with the growing expansion of the cryptocurrency and blockchain industry in the main market, Bitcoin can earn a lot, as it is the most popular and valued digital currency in the market.