Since Satoshi first turned on the Bitcoin network, around 17.5m coins have been mined. As of this week, just one company – which you may have never heard of – owns over 200,000 of them. Wanna say hello?
While we have covered the fact that many of bitcoins now in circulation are contained in relatively few wallets, with more than half of the total in circulation tucked away in wallets worth at least $1m, it’s not always possible to put names to those addresses.
However, research by Diar appears to show that one large player in the Bitcoin markets – the Grayscale Investment Trust – has used the decline in the price of BTC during 2018 to stuff its wallets, even as the monetary value of its total holdings has plummeted.
With the price of BTC dropping down from nigh-on $20,000 around the turn of the year to less than $4,000 right now, the Grayscale Bitcoin Investment Trust’s dollar worth has dropped from close to $2.5bn in January to around the $825m mark at the start of December. However, when that monetary value is seen in terms of bitcoin holdings, it has inversely grown over same period, showing an accumulation of around 30,000 extra BTC during 2018, with its total now at a whopping 205,000.
According to blockchain.com, as of December 1st 2018 there were 17,402,600 bitcoins in circulation. A quick tap on the calculator, then, tells us that Grayscale now controls something in the region of 1.18% of them. Bearing in mind that research suggests the actual, spendable amount of bitcoin out there could be significantly lower than the total circulation – with around four million of them lost forever – its share of the real world supply could be in excess of (taps on calculator again…)… ooh… 1.5%.
The additional accumulation of Grayscale attests to a couple of things; firstly that interest in Bitcoin among investors its investors remains pretty strong considering the bearish trend seen throughout this year, and secondly that Grayscale will be good people to know if and when the market does take another Bull run.
The post One investment fund now hodls over 1% of All The Bitcoin appeared first on CryptoNewsReview.
A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.
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