In a recent twitter thread by Rhythm Trader, it was revealed that Grayscale Bitcoin Trust had accumulated 11,236 bitcoins in April. The tweet also said that 54,000 bitcoins were being mined per month and that Grayscale was buying up 21% of the new supply of Bitcoin.
Grayscale Bitcoin Trust accumulated 11,236 bitcoin in April alone.
Currently 54,000 bitcoin are mined per month.
Right now, they are buying up 21% of the new supply of bitcoin.
In a year, the halvening will double that number to 42% of the supply.
Institutions are FOMOing.
— Rhythm (@Rhythmtrader) 29 May 2019
Experts in the field have said that the 2017 Bitcoin bull run was fueled by ‘retail fomo’. However, currently, institutions have been accumulating large deposits and have become a factor for the Bitcoin price surge, if reports were to be believed.
Tom Lee, the co-founder of Fundstrats, had recently put out a poll on Twitter to understand what it took to keep the BTC price on an upward trend.
At what price will see FOMO from those who gloated about 90% crash in $BTC?
Military term, SWAG (scientific wild-assed guess).
My SWAG is $10,000 is price that causes FOMO from those who saw #bitcoin as dead forever.
At what price do we see FOMO?
— Thomas Lee (@fundstrat) May 12, 2019
There were 8,000 respondents and $10k won the highest vote. Nevertheless, Anthony of Morgan Creek had a different point of view on BTC’s current price rise.
Bitcoin was used as a medium of exchange more than Venmo and Apple Pay combined in 2018.
Why is no one using these legacy products?!
— Pomp (@APompliano) May 29, 2019
“When compared to Apply Pay and Venmo, BTC was used more as a medium of exchange that these two platforms in 2018.”
He also added,
“Bitcoin was not very popular in retail use and that hopefully platforms like Gemini and FlexaHQ would help turn the situation around for increased BTC mass adoption.”
The post Bitcoin [BTC] price surge could be a sign that institutions are FOMOing appeared first on AMBCrypto.