1.5 Times More Bitcoin is purchased by Grayscale Than Daily Mined Coins

Kevin Rooke Self -reliant developer projects Grayscale’s amount to its bitcoin stockpile to a price parallel to 1.5 times of the new BTC mined after the Bitcoin halving.

Cryptocurrency fund manager Grayscale Investments is accumulating Bitcoin at a rate similar to 150% of the new coins generated by miners from the May 11 block reward halving.

Kevin Rooke, self-reliant Grayscale, delivered information that Grayscale has added 18,910 BTC to its Bitcoin Investment Trust since the halving, and from May 11, 12,337 Bitcoins have been mined only.

CEO, Changpeng Zhao Binance re-released the chart, commenting: “There isn’t enough new supply to go around, even just one guy.”

According to Kevin, Grayscale has bought around 34% of the total mined coins in Q1 if 2020. Grayscale accumulated 60762 BTC over days. The average weekly investment in Q1 2020 is $29.9 million that is more than 800% growth over a year.

Kevin’s latest data shows that Grayscale has increased the buying of bitcoin by 100% as compared to Q1 2020. The average daily buying in Q1 is 607.62 BTC, which is now increased to 1112.35 BTC daily.

Grayscale Echos Off On CBDCs
The company desired to reproof analogies differentiating to central bank-issued digital currencies (CBDC) in the latest feedback issued by Grayscale.

“CBDCs are sometimes viewed as synonymous to, or as replacements for, digital currencies like Bitcoin, but they represent a meaningful departure from the decentralized protocols inherent to many cryptocurrencies,” the report stated.

Grayscale 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,”

The report entitled the feeling of economist John Vaz, who just said to Cointelegraph that CBDCs contain “a kind of rearguard action being fought by the central banks because they don’t like cryptocurrency.”

Vaz noticed, “Central bank digital currencies are probably more about tracking money than providing benefit.”