Grayscale, which runs the Grayscale Bitcoin Trust (GBTC), bought this week another 15,114 Bitcoin ($241 million). GBTC holds 481,711 Bitcoin, representing 62% of all Bitcoins in the ownership of publicly-traded companies.
Grayscale this week bought another 15,114 Bitcoin ($241 million), bringing the total number of Bitcoin the company owns to 506,000, or $8.1 billion. The company now manages a total of $10 billion worth of cryptocurrency.
Grayscale Bitcoin Trust (GBTC), which was created in 2013, is the company’s biggest trust. The total value of assets managed by Grayscale Bitcoin Trust (GBTC) now exceeds $8.2 billion.
GBTC holds 481,711 Bitcoin, which corresponds to 62% of the 814,359 Bitcoins in the ownership of publicly-traded companies.
Grayscale, a digital assets management company, this week bought another 15,114 Bitcoin ($241 million), bringing the total number of Bitcoin the company owns to 506,000, or $8.1 billion. The company now manages a total of $10 billion worth of cryptocurrency.
Grayscale is among the biggest purchasers of Bitcoin. Its total investments comprise 2.29% of Bitcoin’s entire market cap.
Michael Sonnehnshein, Managing Director of Grayscale, declared this week the largest capital raise week “EVER,” after the firm raised $262 million. He said that on Thursday the company “raked in over $115 million in Bitcoin alone.”
A senior Citibank analyst has made a grandiose prediction for Bitcoin in a recent note to institutional clients—even drawing comparisons with the gold market of the 1970s.
In brief – A senior Citibank executive predicts Bitcoin may reach the six-figure price mark in 2021. – Bitcoin’s rise has been similar to gold in the 1970s, the executive said. – The rise of state-backed digital currencies also shows a changing regime, one that supports the growth of Bitcoin, he added.
Tom Fitzpatrick, a managing director at US bank Citibank, has predicted Bitcoin’s price may reach over $318,000 in 2021 as per a note to institutional clients last week. He called the move amidst an uncertain macro environment and its similarities to the gold market of the 1970s.
While long called “digital gold” by crypto fanatics, Bitcoin has so far been a poor store of value (due to its infamous price swings) or medium of transfer and has emerged as a trading vehicle instead. However, as per Fitzpatrick, such a backdrop is exactly what primes the asset as one that would sustain an eventual “long-term trend.”
Using technical analysis—forecasting of future asset prices using past examples, similarities, and data—Fitzpatrick put out the six-figure Bitcoin prediction if it followed a similar trajectory of the past seven years.
The co-founder of Stone Ridge explains his fascination with Bitcoin and why his company bought $162 million worth of it.
Stone Ridge co-founder Robby Gutmann explained why the company recently bought 10,000 Bitcoin as part of its treasury reserve strategy.
He also touched on why people are fascinated with Bitcoin, describing it as “flavors of crypto nerd.”
Gutmann listed three observable trends, suggesting that investments in Bitcoin are poised to grow even further.
In mid-October, Stone Ridge Holdings Group, an asset management company with $10 billion worth of assets under its belt, revealed that it had bought 10,000 Bitcoin (BTC), currently worth over $162 million, as part of its treasury reserve strategy.
During The Breakdown podcast today, Stone Ridge co-founder Robby Gutmann shed some light on factors that led to this decision.
The fragility of fiat systems
Speaking about Stone Ridge’s long journey to Bitcoin, he started on a personal level. According to Gutmann, there are “three flavors of crypto nerd”—and he can relate to all of them.