The world's largest cryptocurrency investment firm, Grayscale, continues its commitment to Bitcoin, announcing a recent acquisition of 17 thousand bitcoins (BTC) that add to its investment fund using this cryptocurrency.
Reservations in Bitcoin (BTC) de Grayscale, one of the most important and recognized cryptocurrency investment firms in the world, are on the rise. The firm recently announced the acquisition of 17 thousand new BTC that are added to its reserves, which amount to more than 450 thousand units of this cryptocurrencyGrayscale currently holds 2,44% of the total bitcoins in circulation on the market and 2,14% of the total bitcoins in existence. At the current price of the cryptocurrency, around $10.900 USD per unit, Grayscale's BTC reserves amount to more than $4,9 billion.
The purchase of the 17 thousand BTC was made in just 3 days, according to the crypto information and trading platform bybt.com.
Source: bybt.com
Grayscale is keeping up a fairly brisk pace of Bitcoin acquisition and investment. The 17 BTC recently acquired by the company represents 19 days of total production of the cryptocurrency, so the company acquired more BTC in 3 days than miners can mine in two weeks.
El fondo in Grayscale's Bitcoin, Grayscale Bitcoin Trust (GBTC), was created in September 2013, and to date the company has maintained a clear and transparent management of this fund, which can even be viewed on its website.
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Institutional investment grows
Bitcoin hit its 2020 high in late August, when it surpassed a value of $12.400 USD per unit. However, the cryptocurrency's bullish rally fell apart when it failed to hold this support level. Currently, the price of Bitcoin is hovering near $10.900 USD, but despite the drop in its price, Bitcoin investors remain optimistic about the asset.
Investors of the scale of microstrategy, and of course, Grayscale, demonstrate that cryptocurrency offers strong support for institutional investment. MicroStrategy, a major software firm in the United States, launched into cryptocurrency investing this year, converting 50% of its $500 million cash reserves into Bitcoin, and then investing over $175 million more in the cryptocurrency. To date, MicroStrategy holds a reserve of 38 BTC, with an investment of close to $425 million.
In this regard, MicroStrategy CEO, Michael saylor, also revealed the financial strategy he applied to acquire the 16.796 BTC that the company recently purchased. At the time, Saylor explained that he made small operations to purchase the cryptocurrency and that he executed more than 88 thousand transactions of 0,19 BTC to buy his 16.796 BTC. Saylor also explained that his strategy allowed him not to affect the price of the cryptocurrency while making the purchase.
Confidence in Bitcoin
The recent push for Bitcoin investments positions the cryptocurrency as the most powerful and dominant in today's markets. Through Grayscale Bitcoin Trust (GBTC), traditional investors can invest in the cryptocurrency in a safe manner. Given this, it is important to clarify that not all of the bitcoins that Grayscale acquires are its property. Many of the cryptocurrency acquisitions are made by the company on behalf of its clients, since as the firm indicates on its website, Grayscale “is a traditional investment vehicle with shares titled in the name of investors.”
This means that the company does not necessarily maintain direct ownership of the acquired cryptocurrencies. Still, the massive acquisition of Bitcoin by traditional and institutional investors demonstrates the interest and trust that Bitcoin has aroused in society in recent years. As recently reported by this medium, Bitcoin adoption grew by 189% Compared to 2018, and as MicroStrategy's CEO points out, more investors would join this ecosystem if they really understood how it works.
As of today, Bitcoin controls nearly 60% of the cryptocurrency and digital asset market, with a 29% growth in the last year. Likewise, Bitcoin's market capitalization is $200,9 billion and it handles a trading volume of $46,4 billion daily, at the time of this writing.
Continue reading: American investors are increasingly showing greater interest in Bitcoin
