Cryptocurrency
Bitcoin Bears Be Warned: Grayscale’s Trust Is Hungry For BTC
As reported on Forbes, “Bitcoin has been on a roller coaster ride since the pandemic began. On May 11, block rewards for miners were reduced from 12.5 BTC to 6.25 BTC. This has put much pressure on low margin miners. The halving took place amid a historic recession and a BTC price plummet on March […]
As reported on Forbes, “Bitcoin has been on a roller coaster ride since the pandemic began. On May 11, block rewards for miners were reduced from 12.5 BTC to 6.25 BTC. This has put much pressure on low margin miners. The halving took place amid a historic recession and a BTC price plummet on March 12. Despite the digital currency’s recent volatility, Grayscale’s GBTC Bitcoin Trust has been buying the digital coin at a record pace.
“Grayscale is a FINRA-approved investment vehicle that has bitcoin assets under management. Prior to the March 12 crash, it held more than 300,000 BTC. The trust has purchased 19,000 bitcoins since the halving. Bitcoin’s price has since rebounded to produce some of the best returns of all major assets in 2020…”