Don’t be late for the Bitcoin party! If you are waiting on the sidelines, note that institutions are already making bold moves. On Tuesday, December 22, Grayscale has reportedly 12,319 BTC to the Grayscale Bitcoin Trust (GBTC) in a single day. This is more than the company’s cumulative BTC purchase over the entire last week.
The latest development happens with two big institutional announcements in the last 48 hours – MicroStrategy purchasing nearly 30K BTC for a whopping $650 million and SkyBridge Capital announcing its own Bitcoin Fund.
Grayscale has been on a buying spree throughout this year of 2020. This year alone, Grayscale’s Bitcoin holdings have surged more than 66% as of date. As per data on Bybt.com, Grayscale’s total BTC holdings have spiked to 572K with GBTC having $13.7 billion worth of assets under management.
On the other hand, exchanges have been seeing record Bitcoin (BTC) outflows as Bitcoin supply is drying up faster than expected. This is a bullish signal as most analysts believe that institutional purchases are going to cold storage. The lower supply and rising BTC demand can further push the price to new highs. On Tuesday, exchanges registered a net outflow of over 16,000 Bitcoins (BTC).
Moreover, if you are thinking that Bitcoin has reached the “overbought” levels, we might be just getting started yet. As per historical post-halving trends, the BTC price will reach a new peak by September 2021.
In an interview with Fox News on Tuesday, MicroStrategy CEO Michael Saylor said that Bitcoin (BTC) is going to be 100-times bigger than the big tech. He suggested that every big corporation should its balance sheet from USD to BTC. Further adding to this, Saylor said that Bitcoin will demonetize “Gold, negative-yielding sovereign debts, low-yielding sovereign debts, and every other index fund”.
On Sunday, December 20, Saylor also agreed to share his blueprint on how corporations can shift to Bitcoin (BTC) after Tesla boss Elon Musk showed interest in large BTC transactions. As of writing this article, Bitcoin (BTC) is 2% up trading at $23,471 levels with a market cap of $436 billion.
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