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Grayscale seems to have mastered the acquisition of cryptocurrency in a very short period of time. Its cryptocurrency investment company now owns nearly 3% of the global bitcoin supply. Trader and Bitcoin analyst MoonCarl learned about this in a tweet, stating that Grayscale has purchased a large amount of Bitcoin for the fourth time this year.
As of press time, a total of 506,000 bitcoin purchases, valued at $8.4 billion, plus the company’s existing investment portfolio, make Grayscale one of the largest institutional whales and hold the largest bitcoin in 2020.
According to Coinmarketcap data, the current circulating supply of Bitcoin is 18,538,368. According to today’s market price, the market value of Bitcoin is as high as $309,772,421,606.40. Nearly 3% of the funds are now in Grayscale’s investment platform.
As usual, Grayscale has received widespread criticism from the Bitcoin community, and this new purchase expands the fact that buying pressure has reached its highest level in history . Assuming that institutional whales follow in the footsteps of Grayscale to configure Bitcoin, it can reach $20,000 at any time from now on.
On the other hand, when demand is ridiculously high, there are also negative sentiments around institutions like Grayscale. Even if there is not enough liquidity to allow Grayscale to dump such a large amount of Bitcoin in the market, viewers will not ignore the fact that price control is imminent, and the company can consider the option of dumping Bitcoin when it is advantageous.
Take MicroStrategy as an example. They bought Bitcoin on different occasions this year and since then made the company’s value flexible enough to accommodate digital assets. Since the company increased its acquisition of Bitcoin, MicroStrategy’s returns have been extremely impressive . Its CEO, Michael Saylor, still has reservations about Bitcoin’s views, which has greatly aroused people’s great optimism.
At the same time, most bitcoin holders are worried about the fear of institutional investors arbitrarily manipulating prices. Analysts reiterated that one of these control strategies includes the continuous production of media hype to influence the price decisions of these institutions at any time.
In contrast, there is a common belief that some newcomers do not want to learn to manage cryptocurrencies, and because not everyone wants to be responsible for their own money, companies like Grayscale, Cashapp, Paypal, and Square have become supporters. Having and trading Bitcoin institutions also saves them unnecessary trouble.
As mentioned above, the future of Bitcoin has more expectations in 2021, but with the rapid ownership of Bitcoin by institutions, this year may bring more rebounds to the market than people have predicted.
The original text comes from zycrypto, compiled by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.