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Grayscale Investments now controls almost 3% of current Bitcoin supply


Grayscale seems to have mastered the art of acquiring cryptocurrencies in a very short period of time. The cryptocurrency investment firm now owns nearly 3% of the world's supply of Bitcoin. Bitcoin trader and analyst MoonCarl highlighted this in a tweet noting that Grayscale, for the fourth time this year, bought a large amount of Bitcoin.

This 506,000 Bitcoin purchase that is worth $ 8.4 billion at press time, when added to the company's existing portfolio, makes Grayscale one of the largest institutional whales with one of the largest holdings. of Bitcoin in 2020. The current circulating supply of Bitcoin according to Coinmarketcap data is 18,538,368 BTC, according to today's market rates, this amounts to a whopping $ 309,772,421,606.40, and close to 3% of this money is now on the Grayscale investment platform.

As usual, grayscale has received its fair share of criticism from the ever-audible Bitcoin community. This new purchase amplifies the fact that buying pressure is at an all-time high. Let's say institutional whales follow in Grayscale's footsteps, $ 20,000 could be hit anytime from now.

On the other hand, there are institutions surrounding FUD, such as Grayscale, that acquire so much Bitcoin at a time when demand is ridiculously high. Even if there is not enough liquidity to allow Grayscale to dump such an amount of Bitcoin on the market, viewers are not overlooking the fact that price control is now within their grasp, and this company might consider ditching it. Bitcoin when beneficial.

MicroStrategy bought Bitcoin at different times this year and has since flexed its company's securities to maintain the digital asset. Since the company's largest bitcoin acquisition, MicroStrategy's returns have been impressively profitable and its CEO Michael Saylor continues to voice his views on Bitcoin, which mostly screams maximalism.

Meanwhile, the fear that institutional investors will manipulate prices at will is shared among most Bitcoiners, and analysts have reaffirmed that one of these control tactics includes the constant creation of hype in the media to influence decisions. of prices of these institutions at any given time.

Contrary to this, there is a shared belief that some newcomers do not want to practice self-custody, and because not everyone wants to be responsible for their money, companies like Grayscale, Cashapp, Paypal, and Square do the owning and making process. less tedious Bitcoin transactions.

The future of Bitcoin, as noted above, is already optimistic for 2021, but with the rapid ownership of Bitcoin by institutional bodies, the year could present the market with more negative rallies than one could speculate.

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