The crypto asset management company, Grayscale Investments, has increased its Bitcoin buying speed in the past few weeks. According to a researcher, the firm’s accumulation levels have surged to about 150% of the freshly mined coins since the third halving that occurred on May 11th. It was reported earlier that Grayscale had increased its Bitcoin holdings by 60,000 coins for the past 100 days, which equaled to about 33% of all mined coins within that timeframe.
Grayscale Investments had purchased 18,910 bitcoins since the third halving.
The independent researcher, Kevin Rooke, tweeted the date revealing that the cryptocurrency fund management firm had purchased 18,910 bitcoins since the third halving. At the same time, though, the number of mined bitcoins since the event which took place on May 11th was only 12,337. Grayscale Investments has been buying bitcoins at a 1.5x rate of the freshly mined coins for the past few weeks. The increased accumulation of bitcoins by the digital asset management firm indicates the surge in bitcoin interest among institutions. The much anticipated halvening event of the leading cryptocurrency piqued the interest of many people in bitcoin.
Grayscale's Bitcoin Trust bought 18,910 Bitcoins since the halving.
Only 12,337 Bitcoins have been mined since the halving.
Wall Street wants Bitcoin, and they don't care what Goldman Sachs has to say. pic.twitter.com/Br6a4ijuze
— Kevin Rooke (@kerooke) May 27, 2020
Goldman Sachs does not recommend bitcoin to its clients.
Contrary to Grayscale Investments, Goldman Sachs, in a recent report, revealed that it does not recommend bitcoin or any other cryptocurrency on a strategic or tactical basis to its clients. The bank blasted at bitcoin and other cryptos as it claimed that they are unsuitable investments for its clients. The bank compared bitcoin’s run to the tulip mania of the 1600s in the Netherlands, which is considered one of the most infamous instances of speculative bonds. The comparison of bitcoin with tulip mania in the 1600s did not sit well with the crypto community, as several from the industry called the report baseless. Crypto exchange Gemini co-founder and CEO Tyler Winklevoss tweeted that comparing bitcoin to tulips in 2020 betrays stupidity and represents opportunity.