In the last 100 days, the number of Bitcoins in the Grayscale Bitcoin Trust (GBTC) has increased by more than 60000. These coins are locked for 6 months too.
I had made a similar thread 100 days ago.
The following is a simple table showing the number of bitcoins in the GBTC as seen on its page here on the given days.
| Date | Number of btc in GBTC |
|---|---|
| 31 Dec 2017 | 170,000 |
| 31 Dec 2018 | 204,390 |
| 26 July 2019 | 239,513 |
| 26 Oct 2019 | 257798 |
| 7 Feb 2020 (100 days ago) | 283,192 |
| 27 Apr 2020 | 312886 |
| 1 May 2020 | 323262 |
| 17 May 2020 (today) | 343954 |
Number of bitcoins acquired in last 100 days: 343954-283192 =60762
The rate of acquiring bitcoin in gbtc has actually accelerated after April, as you can see above in the table. However, even at the rate of 600 bitcoins per day that GBTC has bought every day for last 100 days, the GBTC is buying Bitcoins equal to 2/3rd of all supply of newly minted Bitcoin.
For good measure, 60k bitcoins in last 100 days is about 33-34% of all newly minted bitcoins in that period, give or take.
And GBTC is just one of the many ETF's that people who don't want to fiddle with private keys etc, can use to acquire Bitcoin, albeit the largest one.
The demand is there. The supply is reduced. Lets see where we will be in 100 days. I am not going to mention price of Bitcoin 100 days ago, because I am not selling anything. DYOR. Make your own investment decisions. This is not investment advice.
Submitted May 17, 2020 at 11:15PM by parakite https://ift.tt/2yaZkmx
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