Grayscale Investments, the largest digital currency asset manager with assets under management. Back in June of this month, it was published that Grayscale had been buying Bitcoin at a faster rate than they were being mined. According to Kevin Rooke, between the 2020 halving and end of June they had purchased 53,588BTC while only 39,544BTC were mined.
New Record for Bitcoin Trust
One of the many trusts offered by Grayscale Investments is the Bitcoin Trust (GBTC). According to a new SEC filing, the trust had ~$1.9 Billion on December 31st 2019. That figure has risen to over $3.5 Billion by June 30th 2020. That’s over $1,600,000,000 added in six-months.
Bitcoin’s Latest Rise
As fiat currencies get devalued due to inflation, investors have flocked to metals and Bitcoin as well. They are being treated as a hedge against inflation, with Paul Tudor Jones having stated that if he had to guess, he’d say Bitcoin would be the fastest horse. Till this day, this statement has been proven true as price has risen by over 30% in less than 60 days.
“Drop Gold, Buy Bitcoin”
Grayscale used this slogan “Drop Gold, Buy Bitcoin” as part of a campaign to raise awareness for Bitcoin and helped increase adoption. While we cannot know for sure, but it is plausible that this has helped some investors contemplate the difference between gold and Bitcoin as investments.