Grayscale investments, which is a crypto fund manager, has amassed 1.5 times the total amount of Bitcoin being mined since the Bitcoin halving event.
This is an estimation done by Kevin Rooke, who is an independent crypto researcher. According to its data, Grayscale has added up to 18 910 BTC to its Bitcoin Investment Trust since May 11, which is about 1.5 more than the Bitcoins mined since then as they are 12, 337.
According to Binance CEO Champing Zhao, the supply of Bitcoin does not meet the demand.
According to Rooke’s estimation last week, Grayscale has absorbed the supply of Bitcoin as it is buying it at a rate of up to 34% of the new supply during the First Quarter of the year it to accumulate 60, 762BTc in 100 days.
At the same time, Grayscale increased its weekly investment in the trust up to $29.9 million, which translates to an 800% gain.
According to grayscale founder Barry Silbert, there is more than expected in the 2nd Quarter. From the latest data, Grayscale is currently purchasing almost twice the number of coins in a day on average. The halving event is purchasing up to 1,112.35 BTC per day, which is more than double the amount of BTC in Q1.
Contrary to expectation, Grayscale is not a supporter of central bank-issued currencies (CBDC). It is not for the idea that Bitcoin can be compared to CBDC.
According to a report done by Grayscale, CBDCs operate like they are striving to replace digital currencies like Bitcoin. CBDCs are more about the payment infrastructure, while Bitcoin is all about money. That means that when CBDCs gain a stronger font, they may upgrade the value proposition of digital currencies such as Bitcoin.
In response to the report, an economist John Vaz added that Central banks are introducing CBDCs because they don’t like the idea of cryptocurrencies. According to him, Central banks have the main interest in controlling and tracking money more than providing the benefits usually given by cryptocurrencies. It is more of a fight of centralization since they are insecure with the idea of decentralization. To justify themselves, many central banks argue that they are trying to create a bridge between decentralization and digital money.
Don’t worry, we hate spam too
one weekly digest, just the important stuff.
