Grayscale continues buying Bitcoin

A post on Kevin Rooke's Twitter account reveals that the investment fund Grayscale bought over $ 92 million in Bitcoin over the past 7 days.

Grayscale continues buying Bitcoin

Demand pressure in the Bitcoin market

A post on Kevin Rooke's Twitter account reveals that the investment fund Grayscale bought over $ 92 million in Bitcoin over the past 7 days. The company acquired 9,503 Bitcoins (BTC) during the last week, which represents a much larger amount than the amount of Bitcoin produced by the mining industry in the last week: the company bought 30% more of the total produced by the miners in the last week. week.

** The growth in the development of digital currencies issued by state agencies (CBDC) is growing rapidly and Bahamas has announced that it will launch its own digital currency during the second half of 2020.

Kevin Rooke's post states: "Another massive week for Grayscale. Grayscale added 9,503 BTC to their Bitcoin Trust since last week (28,413 BTC since the halving). Bitcoin miners only produced 6,863 BTC since last week (19,200 BTC since halving)". He also shared the following graphic that illustrates his claims:

** According to Barry Silbert, the implementation of virtual currencies issued by central banks (CBDC) will attract the interest of institutional money for Bitcoin, so it will benefit greatly.

Grayscale has been buying Bitcoins on a continuous basis for a while now, totaling almost $ 3 billion, which is equivalent to 300,000 Bitcoins (BTC). After the halving, the investment fund bought 28,413 Bitcoins and it is estimated that its vision is to maintain them for the medium or long term. The increasing demand from these large investors seems to be containing the massive sale of some miners who need to sell more Bitcoin than they produce due to the drop in profitability that halving has produced.