Grayscale Investments hold 2.4% of Bitcoin (BTC) circulation
- The latter part of 2020 turns out to be supporting Bitcoin as BTC remains in the green zone after a pullback.
- As the banking crisis approaches, Bitcoin remains as an investment opportunity for big companies.
- To avoid the inevitable crisis, investors are looking at Bitcoin as a safe haven.
Amid the current boom, several giants such as Grayscale took a risk by investing in Bitcoin. Rather than a risky stance, it was an abiding approach to purchase Bitcoin. As per analysts BTC is on the verge of a new bull-run and will mark a new high in 2020.
As we previously noted JP Morgan purchased $100 million worth of Bitcoin. JP Morgan has been bearish from start but when the opportunity arose, they clamped on it and are now in fair profits.
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Following JP Morgan and other big companies such as Grayscale is quite active in the cryptocurrency sector. And per sources, its BTC trust has added $180 million worth of Bitcoin.
Grayscale’s Bitcoin adoption signals a new bull run
Last week, Grayscale bought 17,100 Bitcoin. In total the company’s BTC trust consists of 449,900 probably worth above $4.5 billion, information provider Bybt reports.
Grayscale has now joined the major race of Bitcoin adoption and clearly, it is the leading contender. Grayscale’s 17,100 BTC/USD is equivalent to 2.4% of BTC supply.
Even if Grayscale stops trading, the firm would still hold 2% of Bitcoin circulation. The investment firm shows no signs to stop buying digital assets and it is continuously adding coins to its cryptocurrency trust.
Eventually, major companies have started buying Bitcoin as its potential mostly overflows of fiat currencies. Though, Grayscale is not the only firm to purchase a hefty amount of BTC.
Recently, MicroStrategy a business Intelligence oriented firm bought BTC with its spare capital of $400 million. The intelligence firms have amassed over 38,250 BTC since its first purchase.
MicroStrategy competes with Grayscale
The CEO of Grayscale wrote in a tweet about the race between Grayscale and MicroStrategy. Both firms are competing to own as many BTC as they can and such inflows will likely stimulate the growth of BTC. Grayscale is outpacing MicroStrategy by holding a 2.4% supply of Bitcoin.
At last, Grayscale’s crypto trust includes Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP, and Zcash (ZEC). In total, Grayscale holds $5.8 billion in digital assets.