FIRM WAXES HOT ON BITCOINS, GOBBLES UP ALL NEW COINS IN MARKET

Grayscale Investments has acquired 18,910 Bitcoins (BTC) since the May 11 block halving even as Goldman Sachs continues to tell its clients to stay away from the cryptocurrency, saying it does not provide cash flow like bonds.

In an article for Asia Times on May 29, 2020, Paul Muir wrote that the crypto fund manager Grayscale Investments is accumulating Bitcoin at a rate equivalent to 150% of the new coins created by miners since the May 11 block reward halving. While Grayscale is unambiguously bullish on Bitcoin, Goldman Sachs is advising its clients against investing in the leading crypto, which is neither an asset class nor a viable investment.

Independent crypto researcher Kevin Rooke said Grayscale has added 18,910 BTC to its Bitcoin Investment Trust since the halving, while only 12,337 Bitcoins have been mined since May 11. Binance CEO Changpeng Zhao reposted the chart, commenting: “There isn’t enough new supply to go around, even for just one guy.”

Last week, Rooke estimated that Grayscale had been buying Bitcoin at a rate equal to between 33% and 34% of new supply during the first quarter of 2020, having accumulated 60,762 BTCs over 100 days. #Bitcoin