Pretty soon Grayscale is going to own all the Bitcoin...
Grayscale added almost 7,200 BTC in the last 24 hours
Pretty soon, Grayscale is going to own all the bitcoin.
They already are one of the largest holders in the world and they just keep getting bigger.
In the last 24 hours alone, they added almost 7,200 bitcoin.
Check it out:
(Source: https://twitter.com/Bloqport/status/1334816442970148865/photo/1)
This 7,200 was in addition to the 14k they added in the last 7 days and the 65k they added in the last 30 days.
Long story short, that's a lot of bitcoin Grayscale is sucking up!
For some further context...
Sometimes seeing numbers just by themselves doesn't really tell you the whole story.
You need some context to further understand exactly what these numbers mean.
For example, the 7.2k taken in by Grayscale in the last 24 hours may sound like a lot to you or it may sound like a little depending on your perspective.
Well, here's a newsflash for you...
The 7.2k taken in by Grayscale is roughly 8x the total BTC mined during that same period...
(Source: https://twitter.com/caprioleio/status/1334800981536681986)
How's that for some context? :)
Just one firm took in more than 8x the new supply over the last 24 hours.
When you see numbers like this one on a sustained basis it gets pretty difficult to see how bitcoin is going any direction but higher.
Stay informed my friends.
-Doc
Because the amount of new Bitcoin per month has decreased a lot since the launch, we should be comparing to the total amount in circulation and not the amount of new coins mined.
The amount Grayscale has bought is just a drop in the ocean compared to the total amount of Bitcoin in circulation.
Sure, but the largest net sellers are miners selling newly mined coins. Grayscale alone is removing this from the market each day. That means the only sellers become hodlers, and hodlers tend to hodl.
Obviously they can't buy more than there is coins in markets... I wouldn't trust the amounts that are reported... It would essentially mean panic selling is happening and there obviously is no reason for panic...
I fully trust the numbers being reported. Grayscale is an SEC registered and reporting company. If they 'lie' about anything in these filings there are significant consequences for them.
I worked for government organization for over 10 years... One thing we were taught was to how to manipulate reports without getting caught...
Let's hope Grayscale does not become too big of a BTC owner, and a threat to Bitcoin Decentralization.
It might already be too big and as such threat to decentralization. Any big buyer can try to manipulate the markets to gain advantage.
Prices can be manipulated up as well as down.
I know... I've done that both ways ;)
Again Bitcoin becomes more important :)