Is Bitcoin’s Supply Running Dry Since Institutional Demand Has Grown?
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One of the biggest companies in the world, Grayscale has recently been looking into the crypto world and according to recent reports, it has been buying a significant chunk of bitcoin ever since the halving event earlier this year.
The chief executive officer of one of the most well-known bitcoin platforms in the industry Binance, CZ has taken a note of this buying craze from the company and taking it to Twitter, he said that the firm had been buying more BTC that is actually mined at current times.
According to him, there have been more than 12,300 bitcoins which have been mined ever since the halving took place earlier this month. Grayscale is reported to have bought around just shy of 19,000 of the coins within the same period but technically, Grayscale could’ve bought all of these bitcoins since the halving event and still have not reached its buying target.
This new development of Grayscale buying bitcoin in big chunks is a big indicator of how institutional demand is growing in the industry. When it comes to cryptocurrencies, many big institutions are eager to get on the bandwagon but for bitcoin, this is tenfold.
Even though these big institutions are accumulating bitcoin in big numbers, they haven’t forgotten about all the other alternative digital assets in industry such as ETH. There are many whales all over the industry that have been known to accumulate a range of target crypto assets over the past few years, and as crypto has been gaining popularity in this time, this is only increasing.