One of the biggest beneficiaries of the current year is probably Grayscale. The company, which buys and manages Bitcoin for institutional investors, announced another $ 300 million acquisition. This only increases the total assets managed by Grayscale to a significant 16 billion USD, but above all shows that the Bitcoin price is repeatedly stimulated by increased demand.
Bitcoin course driver Grayscale: purchase of 12,300 BTC
Grayscale published a message on Twitter mid-week. The update from December 22nd, 2020 shows that the AUM value of the company (= assets under management) now amounts to 15.9 billion US dollars.
At the same time, current figures show that the company has again added Bitcoin Up worth around 300 million to their Grayscale Bitcoin Trust (GBTC).
GrayScale bitcoin purchases, Dec 2020
The sum corresponds to an equivalent of around 12,300 BTC. The current quarterly report for Q3 2020 also shows that this year a new record for monetary inflows was achieved in every quarter.
This is particularly interesting from the perspective that Grayscale is currently not accepting new customers. In other words: Obviously, the existing customers are still interested in accumulating Bitcoin, which among other things has a positive effect on the Bitcoin price. Another special feature of Grayscale is the fact that accredited investors have to hold the products or Bitcoin for at least six months. This type of “locking” also results in a significant short-term reduction in supply; another positive factor for the Bitcoin course.
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Institutional investors increase demand
This shows that offers from companies like Grayscale are particularly popular with institutional investors. This is mainly due to the so-called „convenience“ effect. This means that the buyers do not have to deal directly with the purchase or the safekeeping.
We can say that Grayscale’s numbers mean above all that there is increased buying pressure and a short to medium-term reduction in supply. In view of the new Covid-19 packages that are to be adopted in the USA, companies are arguing for themselves against a devaluation of the US dollar.