Grayscale Investments Now Controls 2.4% of the Bitcoin Circulating Supply
Grayscale holds 450,000 BTC for its customers right now.
|Sylvain Saurel||Sep 30|| 3|
Grayscale Investments is a particularly popular investment fund for institutional investors who wish to purchase Bitcoin. Since the beginning of 2020, Grayscale Investments has made the headlines several times.
Indeed, the investment fund has been one of the biggest buyers of Bitcoin for several months following the important requests of its customers.
Over the last seven days, Grayscale Investments has continued to buy a lot of Bitcoin as the fund has purchased $182 million of BTC over the period. This represents 17,100 BTC bringing the total Bitcoins held by Grayscale for its customers to 450,000.
At the time of writing, the Bitcoin price is $10,721. With its 450,000 BTC, Grayscale Investments holds the equivalent of $4.8 billion worth of Bitcoins for its customers.
This rather incredible figure shows how Bitcoin has become an increasingly frequent recourse for institutional investors. Before the coronavirus pandemic, Bitcoin was mainly seen as an asset to try to boost portfolio returns.
Now, Bitcoin is an integral part of institutional investors’ strategies to hold the best hedge against the great monetary inflation we are experiencing.
This announcement from Grayscale Investments came days after the amount of Bitcoin in circulation surpassed 18,500,000.
There now remains less than 2,500,000 BTC to be mined by 2140 when all Bitcoins will have been mined according to the initial schedule defined by Satoshi Nakamoto in the Bitcoin source code.
With 450,000 BTC in its possession, Grayscale Investments currently controls 2.4% of the total Bitcoin supply in circulation. This figure is huge and is expected to continue to grow strongly in the coming months as demand from Grayscale’s customers is strong.
What many people tend to forget is that at least 4 million BTC are considered lost forever. Bitcoin is even scarcer than some people imagine.
Under these conditions, the supply of usable Bitcoins is rather around 17 million units. This implies that only 14,500,000 BTC in circulation are usable today.
With 450,000 BTC, Grayscale Investments, therefore, controls rather 3.1% of the supply of truly usable Bitcoins.
Day after day, the foundations of Bitcoin are being strengthened. The long-awaited Bull Market is not yet here, but all these announcements are moving in the right direction. They will ensure that this Bull Market is much more solid than the previous one we saw at the end of 2017.
Don’t be surprised to see more and more major players coming to buy Bitcoin in the next months. That’s where things are happening now. It’s only a matter of time before the Bitcoin price starts to rise very sharply from now on.
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