Billionaire Wants to Purchase 25% of Bitcoin’s [BTC] Circulating Supply: Report

Bitcoin [BTC] is one of the fastest growing assets of 2019. At the current price, Bitcoin [BTC] has gained 136.7% from the beginning of the year. Furthermore, the rise has been mostly attributed to the rising interest of institutional investors in the space.

In 2019, a number of institutional platforms were set up with Coinbase, Fidelity, Bitstamp, and the running Trust fund under Gemini owned by the Winklevoss Twins. These are all well established and regulated firms that are providing crypto-investment opportunities to high-value customers.

Apart from these Financial Services Firms, there are also many other OTC (Over-the-Counter) markets around the world that facilitate the exchange of FIAT and cryptocurrency, primarily Bitcoin. Some of these are popular among the ‘whales’ or high volume investors.

The Biggest Trade Order in the History of Bitcoin?

The Dadiani Syndicate, a London-based OTC Exchange that helps in matching the orders of buyers and sellers. The owner Eleesa Dadiani who operates a fine arts business at the same office under, Dadiani Fine Art receives a huge demand for Bitcoin from high volume investors.

Also Read: Trader Who Predicted the 2008 Recession Labels Bitcoin [BTC] as a Huge Opportunity

Reportedly, an anonymous buyer has made a purchase interest of 25% of all the circulating supply of Bitcoin [BTC]. He told the media,

“One of our clients approached us and said they were interested in acquiring 25% of all bitcoin currently available,” Dadiani said. “There are a number of entities who want to dominate the market.

The total value of the exchange would amount to a staggering $38 billion at the current price. It would take a number of sellers to execute the order and still is almost impossible to make; the total amount of Bitcoin demanded is about 4.5 million. Nevertheless, Dadiani has instructed her employees to conduct market research in order to comply with the request.

Moreover, even if an attempt to 25% is not fulfilled, Dadiani would still make arrangements for considerable amounts which might also include a contract with miners. Also, it a buy order of high magnitudes will surely create a huge positive upside on the price due to the decreased supply.

Mati Greenspan, the Senior Market Analyst at eToro, noted that,

“A buyer of this size is going to push the price up to make this kind of accumulation even more expensive. There are ways to offset that kind of demand-based price increase but after a certain level there’s not much you can do to prevent it.”

The cost of the entire transaction is expected to be high as well. Even 1% of the total amount would be around $3.8 billion.

Furthermore, doubts regarding the actual total supply of Bitcoin given that many have been lost in the decade also looms. Greenspan also said,

 “Realistically speaking, there are probably less than 5 million coins actually circulating at the moment.”

Do you think that the order will have a significant effect on the market? Please share your views with us.

The post Billionaire Wants to Purchase 25% of Bitcoin’s [BTC] Circulating Supply: Report appeared first on Coingape.

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