Recent reports on the increased number of Bitcoin accumulated by Grayscale Investments, a digital currency asset management company, showed that Bitcoin institutional investors have been rising gradually. Today, the number of Bitcoin consumed by Grayscale has significantly increased, which perhaps signals more adoption.
Bitcoin institutional investors show high interest in BTC
A technology analyst, Kevin Rooke, shared a chart on Twitter, which indicated a huge bullish activity among Bitcoin institutional investors, right after the Halving. Since May 11, about 12,300 Bitcoins have been issued. Despite the figure, Grayscale’s Bitcoin Trust (GBTC) has accumulated nearly 19,000 Bitcoins.
This points toward a steadily growing demand for Bitcoin by institutions, as they continuously allocate part of their capital into the digital asset to hedge against economic meltdown. Notably, Grayscale is one of the crypto investment companies capitalizing on the increasing demand, as they offer these Investors a friendly environment.
Is Halving prophecy coming to reality?
The development could also mean that Bitcoin institutional investors are significantly increasing or that the existing institutional players are delving deeper into the top cryptocurrency. Whichever way, the activity conclusively shows that these investors are optimistic about Bitcoin’s future performance.
Technically, the fact that the Bitcoin consumption rate for GBTC alone exceeded the total amount of the cryptocurrency mined since the Halving by more than 52 percent shows that Bitcoin scarcity is around the corner. Hence, sentiments that the Halving event will impact Bitcoin price positively could become a reality.
Goldman Sachs criticized Bitcoin and cryptos
As predicted, a reduction in the BTC issuance rate with constant demand could push the price up. In this case, however, the demand is steadily growing, which means high price predictions for Bitcoin, and the long-term bull market could be starting sooner than expected.
While the increasing demand among Bitcoin institutional investors is expected to fulfill the predictions about Halving, it is safe to note that skeptics are still doing their thing, saying that Bitcoin is not a recommendable asset, like Goldman Sachs, one of largest American multinational Investment banks.
