Cryptocurrencies

Grayscale’s colossal appetite for Bitcoin “You haven’t seen anything yet” – Cryptocurrencies

The sky is far from gray for Bitcoin, with a Grayscale accelerating its investments in Bitcoin (BTC). The investment fund has launched a mad rush to acquire Bitcoins, while miners are still suffering the effects of halving.

Gargantuan appetite

The analyst Kevin Rooke released statistics indicating that the investment fund Grayscale would have bought the equivalent of 150% of Bitcoins in circulation from the halving: 12,337 BTC would have been mined post-halving then, that Grayscale had added almost 18,910 BTC to his Bitcoin Investment Trust since May 11, 2020.

The total value of the investments of Bitcoin Investment Fund in the first quarter of 2020, stood at $ 29.9 million, an increase of 800% over 2019. Grayscale actually captured 33% of Bitcoins mined between February 17, 2020 and May 17, 2020.

Following the publication of these figures, the Binance CEO, Changpeng Zhaosaid that Bitcoins were not enough to satisfy one person’s appetite.

The founder of Grayscale, Barry Silbert, replied with a simple comment: “Wait until you see the second quarter.” The frenzy of Grayscale for the purchase of BTC, so wouldn’t be close to stopping.

CBDC, this false true crypto: Grayscale’s opinion

Grayscale recently published a research paper refuting the analogies between Bitcoin and central bank cryptocurrencies (CDBC).

This document explains that CBDCs are not intended to replace cryptocurrencies like Bitcoin.

The operation of CDBCs is based on protocols contrary to the principle of decentralization inherent in the majority of cryptocurrencies.

According to Grayscale, Bitcoin is an attempt to reshape money while the CBDCs are a simple attempt to restructure payment systems.

The Economist John Vaz expressed a similar opinion when he said in an interview that central banks wanted “Establish CBDCs to keep a semblance of control over the currency”.

The Coin Tribune has written a detailed article explaining why the CBDCs are really just a central banker’s trojan horse.

What will Grayscale do with all these bitcoins? The HODlers to resell them in 1 to 2 years? Use them to create a new financial product based on Bitcoin? Goldman Sachs doesn’t want Bitcoins? We’ll do without – to stay polite.

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