- Grayscale Investments strengthens Bitcoin position by purchasing additional 17,000 BTC.
- Grayscale’s Bitcoin position is now valued at almost $4.7 billion.
- Owning a total of 450,000 BTC, the firm holds 2% of BTC’s entire supply.
- Bitcoin dominance remains worldwide.
Grayscale Investments purchased an additional 17,000 Bitcoin (BTC) to its holdings. This made the company’s Bitcoin position close enough to $4.7 billion.
Grayscale Investments strengthens BTC position
Established in 2013, New York-based investment vehicle Grayscale Bitcoin Trust added more investments on Bitcoin. In the last seven days, the firm bought an additional 17,100 BTC, which cost an estimated $182 million in today’s Bitcoin exchange rates.
The recent Bitcoin purchase of the firm makes the company’s Bitcoin position at almost 450,000 BTC, reaching a value of almost $5 billion — $4.7 billion to be exact. Remarkably, this strategic move enables the firm to hold 2% of BTC’s entire supply.
— Bybt (@bybt_com) September 27, 2020
Looking back, Grayscale launched a national ad campaign focused on cryptocurrencies. Grayscale Investments CEO Barry Silbert explained that the reason behind this is to spread awareness about digital currencies.
The recent acquisition of Bitcoin made by Grayscale may trigger a bullish sign in the Bitcoin ecosystem, giving Bitcoin holders and investors something to look forward to in the coming days.
Bitcoin dominance remains
Aside from Grayscale, other countries around the world like Japan also invested huge amounts in Bitcoin. According to a published report, the country’s Bitcoin dominance has soared to over 87% in the earlier months of the year.
Bitcoin was also recognized by Wealthsimple CryptoL, the first Canadian regulated exchange, to be traded without commission fees. Notably, withdrawing and depositing Bitcoin in this exchange requires no fees.
Despite the pandemic chaos that the world is experiencing, Bitcoin remains its position as the top cryptocurrency in the market. The crypto’s performance made analysts predict that the coin can reach over $100,000 in the next 2-3 years.