Grayscale Bitcoin Trust (GBTC) Adds Another 12,000 BTC
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Grayscale Bitcoin Trust (GBTC) Adds Another 12,000 BTC

December 23, 2020      Jafrin Ahmed

Cofounder of Capriole Investments, Jan Uytenhout, has taken to Twitter to share that Grayscale has added another round of Bitcoin investment to its holdings. On Dec. 22, the company reportedly acquired 12,319 BTC to its Grayscale Bitcoin Trust (GBTC). This is more than the firm’s cumulative BTC purchase over the entire last week. The latest Bitcoin splurge occurred despite Grayscale temporarily suspending inflows into its crypto trust.

Grayscale Bitcoin Trust Adds Another 12,000 BTC

On Dec. 21 Grayscale suspended inflows of cash from investors into its major crypto trusts that include Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and other digital assets. Despite the suspension, the company’s clients are still eager to pump up their Bitcoin bags.

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As of Dec. 22, Grayscale held a total of $15.9 billion cryptos in its assets under management. The recent Bitcoin purchase makes the company total BTC holdings to $282,416,400.

Meanwhile, crypto exchanges are seeing record Bitcoin (BTC) outflows as the cryptocurrency’s supply is getting dried up sooner than expected. This is a sign of a bullish indicator as most analysts believe that institutional Bitcoin purchases mostly go towards cold storage. This signifies that low supply and high demand can further push the cryptocurrency to new highs.

MicroStrategy CEO Believes Big Corporations Need Bitcoin

CEO of MicroStrategy, Michael Saylor, has been a Bitcoin proponent in terms of institutional adoption. He even suggested that big corporations should turn their balance sheet to Bitcoin. He further believes the point that Bitcoin will demonetize Gold, negative-yielding sovereign debts, low-yielding sovereign debts, and every other index fund.

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On December 20, Saylor also agreed to share his playbook to Tesla’s Elon Musk on how corporations can shift to Bitcoin (BTC).

MicroStrategy has currently 70,470 BTC worth over $1.596 billion in its treasury reserve. As per the CEO, the firm has spent $1.125 billion on bitcoin to date, at an average price of $15,964 per bitcoin.

#BTC #BTCUSD #GBTC #Grayscale Bitcoin Trust #Institutional investors #Micheal Saylor #MicroStrategy
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.