May 28, 2020 18:30 UTC
May 28, 2020 at 18:30 UTC
Grayscale Ramps Up Bitcoin Accumulation To A Rate Equivalent To 150%
Cryptocurrency fund manager Grayscale Investment is gathering Bitcoin at a rate comparable to 150% of the new coins made by miners since the May 11 block reward halving.
As indicated by data distributed by independent cryptocurrency specialist Kevin Rooke, Grayscale has added 18,910 BTC to its Bitcoin Investment Trust since the halving, while just 12,337 Bitcoins have been mined since May 11.
Binance CEO Changpeng Zhao reposted the chart, remarking –
“There isn’t enough new supply to go around, even for just one guy.”
Grayscale Ingests BTC Gracefully
A week ago, Rooke evaluated that Grayscale had been purchasing Bitcoin at a rate equivalent to somewhere in the range of 33% and 34% of new supply amid the Q1 of 2020, having aggregated 60,762 BTC more than 100 days.
During the quarter, Grayscale likewise observed average weekly investment into its trust reach $29.9 million — containing a 800% increase year-over-year.
In light of Rooke’s tweet publishing the figures, the founder of Grayscale Barry Silbert remarked –
“Just wait until you see Q2.”
Rooke’s most recent data demonstrates that Grayscale is currently buying almost twofold the number pf cpoms everu dau pm average — with Rooke’s post-halving evaluatin comparing to 1,112.35 BTC every day, up from 607.62 BTC during the first quarter of the year.
Grayscale on CBDCs
In a recent report distributed by Grayscale, the firm looked to reproach analogies contrasting Bitcoin with Central Bank-issued Digital Currencies (CBDC).
The report stated –
“CBDCs are sometimes viewed as synonymous to, or as replacements for, digital currencies like Bitcoin, but they represent a meaningful departure from the decentralized protocols inherent to many cryptocurrencies.”
Grayscale added –
“CBDCs attempt to upgrade payment infrastructure while Bitcoin is an attempt to upgrade money. If CBDCs gain traction, they may actually bolster the value proposition for Bitcoin and other digital currencies.”
The report resounded the conclusion of economist John Vaz, who recently told that CBDCs involve ‘a kind of rearguard action being fought by the central banks because they don’t like cryptocurrency.”
Vaz observed –
“Central bank digital currencies are probably more about tracking money than providing benefit.”