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Grayscale is Voraciously Eating Newly Mined Bitcoins Amid Reporting a Record Q3 Earnings

Grayscale, an offshoot of the Digital Currency Group which is not only just the largest institutional bitcoin holder but also the largest buyer of newly mined bitcoins.<br><br>

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Grayscale is Voraciously Eating Newly Mined Bitcoins Amid Reporting a Record Q3 Earnings

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  1. Grayscale is voraciously eating newly mined Bitcoins amid reporting a record Q3 earnings Grayscale's inflow with proportion to mined bitcoins has increased from a mere 27% in Q1 to 77% by the end of Q3. Grayscale, an offshoot of the Digital Currency Group which is not only just the largest institutional bitcoin holder but also the largest buyer of newly mined bitcoins. Dan Tapiero co-founder of DTAP Capital, recently ​posted an image of Grayscale’s acquisition of newly mined bitcoins by miners from January to September. The image shows Grayscale’s inflow with proportion to mined bitcoins has increased from a mere 27% in Q1 to 77% by the end of Q3. Accompanying his image with a hypothetical, Dan Tapiero said, SHORTAGES of #Bitcoin possible. Barry’s @Grayscale trust is eating up btc like there is no tomorrow. If 77% of all newly mined turns into 110%, it’s lights out.

  2. Non-miner supply will get held off mkt in squeeze. Shorts will be dead. Price can go to any number. For anyone wondering what Dan Tapiero means in his 110% scenario, he is merely saying Grayscale could even pre-book yet to be mined bitcoins leaving creating a supply shortage. And that means for any other consumer, retail or institutional needing to buy bitcoins will have to obtain their holdings from the market. Consequently, if that happens, and the law of demand kicks in, BTC price should clearly be on its way up. Grayscale’s Q3 report exceeds all past company’s records. Grayscale had a record ​Q3 earning as much as $1.05 billion in just that quarter as Michael Sonnenshein, the Managing Director of the Digital Currency Group tweeted. Its unprecedented Q3 earnings surpass its ​Q2 report at nearly $1 billion which was a new record then. More so, the company keeps growing while the call for institutional to divest into BTC is growing stronger by the day. Additionally, at the moment, Grayscale holds 449,596 BTC, which is about 2.15% of the total supply of Bitcoin. Read More: https://cryptodose.co/grayscale-is-voraciously-eating-newly-mined-bitcoins/ Follow Cryptodose for daily ​updates​.

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