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Kevin Rooke reported that Grayscale Investment had increased its purchase rate of new Bitcoins mined after the halving event by 150%, which demonstrates an increased demand for the cryptocurrency.
Kevin Rooke, a renowned researcher, suggested that Grayscale has increased its Bitcoin (BTC) purchase rate. According to Rooke, the crypto fund manager is now accumulating the new BTC created since the halving. It is doing that at a rate of 150% compared to before the halving.
Grayscale’s Bitcoin Trust bought 18,910 Bitcoins since the halving.
Only 12,337 Bitcoins have been mined since the halving.
Wall Street wants Bitcoin, and they don’t care what Goldman Sachs has to say. pic.twitter.com/Br6a4ijuze
— Kevin Rooke (@kerooke) May 27, 2020
Based on data published by Kevin Rooke, Grayscale has already acquired 18,910 BTC for its Bitcoin Investment Trust since the third halving event. Notably, only a cumulative total of 12,337 Bitcoins have been mined since then.
Changpeng Zhao, the Binance CEO, published the chart saying that currently, the new supply of bitcoins is not adequate even for one investor.
Grayscale Siphons Bitcoin Supply
A week ago, Rooke said Grayscale was acquiring Bitcoin at around 33% to 34% of new supply in the first quarter of 2020. The fund manager had received 60,762 BTC over 100 days. In Q1 2020, Grayscale also experienced and average weekly investment of $29.9 million into its trust. That represented an 800% gain year-over-year.
While responding to Rooke’s tweet publishing these figures, Barry Silbert, Grayscale founder, said that everyone should wait until they see reports from Q2 2020. The latest data from Rooke shows that Grayscale is now buying almost double the number of coins on a daily average. Rooke’s post-halving estimation places the acquisition at 1,112.35 BTC daily, increasing from 607.62 BTC during Q1.
Grayscale Rebukes CBDCs
Recently, Grayscale published a report rebuking analogies that compare Bitcoin to the central bank-issued digital currencies (CBDC). Typically, the CBDCs are perceived to be similar to, or replacements for virtual currencies like Bitcoin. But Grayscale said that these stablecoins represent a significant shift from the decentralized protocols that make up many cryptocurrencies. The report added:
“CBDCs attempt to upgrade payment infrastructure while Bitcoin is an attempt to upgrade money. If CBDCs gain traction, they may bolster the value proposition for Bitcoin and other digital currencies.”
That report agrees with the sentiment of economist John Vaz. According to Vaz, CBDCs feature a type of rearguard action that is being criticized and opposed by the central banks since they consider cryptocurrency to be a threat to their existence. The economist is convinced that CBDCs are more about tracking the money trail than offering any benefits.
Wanguba Muriuki is a content crafter passionate about putting everything into writing. He is passionate about Blockchain and Traveling. He is also an experienced creative and technical writer. Everything and everyone has a story to tell. What better way to capture the real story than in words.
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