In a week, miners mined 6,800 bitcoins. Grayscale bought 40% more

By Kluma | InterestingCrypto | 5 Jun 2020

The company acquired BTC for $ 90 million in a few days. Now it manages more than $ 4 billion of cryptocurrencies.

Over the past week, the Grayscale fund bought 9,503 BTC, which at the current exchange rate is about $ 93 million. Thus, the company acquired 38% more coins than miners produced during this period - 6,863 BTC. Data was published by analyst Kevin Rook on his Twitter account.
According to these data, the company buys more than 1000 BTC per day since the halving on May 11. During this time, Grayscale acquired 28,413 coins, as a result of which its Bitcoin fund exceeded $ 3.5 billion. In total, the company manages assets worth more than $ 4 billion, which she reported on her Twitter.

On June 3, Blockstream CEO Adam Back called cryptocurrency purchases by Grayscale proof that demand for digital money is growing. The entrepreneur also predicted a rise in the price of bitcoin to $ 300,000 over five years. This will happen without institutional investors, as more and more retail users turn to BTC due to the current crisis and the resulting depreciation of money.

How do you rate this article?



about any interesting for me crypto projects

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.