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Grayscale Bitcoin Trust (GBTC) Analysis: The Bitcoin Stock Better than Bitcoin

Cash App and Grayscale became the main ...

Cash App and Grayscale become the main drivers of bitcoin liquidity
CONTENT

  • Two companies processed over 50% of bitcoins issued in 2020.

  • Crypto fever started even before the March collapse.

  • Institutionals prepare for a leap.

International consortium of news organizations developing transparency standards.

Over half of Bitcoin issued in Q1 2020 went through Cash App and Grayscale.

Developed by Square Inc. Fintech Cash App and Grayscale Cryptocurrency Fund acquired more than 50% of mined bitcoins in Q1 2020.

Cash App and Grayscale became the main ...

Alistair Milne, investment director of Altana Digital Currency Fund, reminded on his Twitter page that it was only a couple of days before halving and wondered what exactly could happen [to the market] when only two companies almost bought bitcoin.

The issue of centralizing bitcoin has always been at the forefront of cryptocurrency. The analytical company TokenAnalyst conducted an earlier study and found that about half of the total hashrate of the Bitcoin network comes from just five large Chinese mining pools..

However, it seems that the cryptocurrency community is not much concerned about the issue of centralization, rather than news about the possible growth of the cryptocurrency..

March is to blame for everything

The Bitcoin shrinking fever began in early 2020, even though retail traders may not have noticed. The editorial board, for example, the editorial staff of BeInCrypto already wrote that according to the published report, the Grayscale Investments fund was able to attract over $ 500 million from institutional investors, which became an absolute record in the history of the crypto fund..

Square Inc., owned by Twitter CEO Jack Dorsey, also published a profit report. The report says that Cash App’s revenue for the first quarter was $ 528 million, $ 306 million of which came from the purchase of bitcoin..

The Cash App believes that the excitement for the cryptocurrency came precisely due to the March collapse, as a result of which Bitcoin sank by more than 30%.

Public play

Cash App and Grayscale became the main ...

Meanwhile, the world’s most famous cryptocurrency for the first time in the last three months was able to overcome the $ 9,900 mark, having risen in price by more than 6% per day. Market capitalization of BTC has grown over the $ 180 billion mark.

The information field around the halving, as it turned out, for the most part bears the subtext of a positive outcome of the event, but there are also those who believe that Bitcoin is waiting for a correction that could collapse the price of the cryptocurrency to $ 1200.

What do you think? Will Bitcoin be able to break the $ 15,000 mark due to high demand among institutions? Share your thoughts with us in the comments.

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