There is an interested party that wants to purchase 25% of all the current Bitcoin supplyIn general, when retail investors want to purchase Bitcoin (BTC), the first thing that comes into their mind is to open an account on a cryptocurrency exchange, deposit some funds and buy the most popular digital asset.
However, millionaires and other larger investors do not work in this way. In a recent article released by Billy Bambrough for Forbes, he explains that billionaires that want to have exposure to the crypto market do it through a new service in London’s upmarket Mayfair.
Bitcoin Billionaires Could Change Bitcoin’s Reality
In general, retail investors do not have the possibility to influence the market as other whales and larger investors do. However, there are even larger traders that could buy large amounts of BTC. According to the Dadiani Syndicate, an investment platform that has been created to maximize users’ digital holdings, it has clients that want to buy 25% of the Bitcoin market.
The most popular digital asset in the market received a lot of attention from the whole crypto market when it moved from $4,000 to over $9,000 a few hours ago. Although we were in a bear market in 2018, 2019 seems to be completely different and is showing that Bitcoin has the potential to keep growing.
According to Mr. Bambrough, the Dadiani Syndicate was set up by the art dealer Eleesa Dadiani that started using Bitcoin and digital assets a few years ago. Due to the fact that investors demanded the digital currency, she set up an office at Dadiani Fine Art. The gallery has also appeared in the news when it put 49% of Andy Warhol’s 1980 work “14 Small Electric Chairs” for sale for virtual currencies. In order to do so, Dadiani Fine Art signed a partnership with the blockchain platform Maecenas Fine Art.
Dadiani commented about it:
One of their clients surprisingly asked about purchasing 25% of all the Bitcoin currently available. According to CoinMarketCap, there are 17,730,000 Bitcoin issued and circulating. Although some of them are lost and some others do not move since years, there was an interested buyer that wanted to purchase over 4.4 million BTC.
At current prices, that would be equal to almost $37 billion. However, this would cost much more since the market is not so liquid to currently sell 4.4 million BTC.
Although this is almost impossible to be accomplished, Dadiani said that they will do as much as possible to gain access to as close to 25% as possible. Mati Greenspan, eToro’s senior market analyst, said that such a large buyer is going to be pushing the price up of the digital currency. Indeed, as we mentioned before, there are just less than 5 million BTC currently circulating in the market.
In general, Dadiani is having troubles to purchase 4.4 million BTC without affecting Bitcoin’s price and slippage. The best way to avoid this problem is not to use exchanges for this task.
Didiani was able to build a consortium of sellers from different countries that have a large amount of Bitcoin to sell. Additionally, they have already passed AML controls. Each of the trades that Didiani closes has a broker fee.
Just this year, the digital currency was able to grow over 140%, allowing the sentiment in the space to become positive once again. In 2018, the bear market affected the whole community and there were no good perspectives for the future of the digital asset.
Although Didiani currently deals with Bitcoin, she says that they are open to adding support to new digital currencies. Even though, the demand for other cryptos is not so high.
“If someone wants large amounts of Ether [ETH] or another major cryptocurrency,” she said, “we would likely be able to find a seller.”
At the time of writing, each Bitcoin has a price of $8,300 and a market capitalization of $147 billion. In the last 24 hours, Bitcoin dropped almost 5%, according to CoinMarketCap.
- Source: First Appeared Here
- Published Time: 2019-05-31 16:09:01
The views and opinions expressed in the article Could Billionaires Buy 25% Of Bitcoin’s (BTC) Total Supply? Dadiani Syndicate Might Have a Say do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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