Bad news for Bitcoin bears.
Grayscale’s Bitcoin Trust just added 12,319 BTC to $GBTC in a single day.
That’s more than the 11,512 BTC they added during all of last week, when Bitcoin broke its ATH.
— Kevin Rooke (@kerooke) December 23, 2020
The latest development happens with two big institutional announcements in the last 48 hours – MicroStrategy purchasing nearly 30K BTC for a whopping $650 million and SkyBridge Capital announcing its own Bitcoin Fund.
Grayscale has been on a buying spree throughout this year of 2020. This year alone, Grayscale’s Bitcoin holdings have surged more than 66% as of date. As per data on Bybt.com, Grayscale’s total BTC holdings have spiked to 572K with GBTC having $13.7 billion worth of assets under management.
On the other hand, exchanges have been seeing record Bitcoin (BTC) outflows as Bitcoin supply is drying up faster than expected. This is a bullish signal as most analysts believe that institutional purchases are going to cold storage. The lower supply and rising BTC demand can further push the price to new highs. On Tuesday, exchanges registered a net outflow of over 16,000 Bitcoins (BTC).
Major exchanges recorded an total outflow of -16k bitcoins in one day.
There must be serious accumulation ongoing.
Liquidity crisis is real.
Scarcity is real.
Stock to flow model is real. pic.twitter.com/cse0cLVsLR
— bitcoin_ronahi (@BitcoinRonahi) December 22, 2020
Moreover, if you are thinking that Bitcoin has reached the “overbought” levels, we might be just getting started yet. As per historical post-halving trends, the BTC price will reach a new peak by September 2021.
The price of Bitcoin post halvings.
Bitcoin right on track to peak around September 2021! pic.twitter.com/h6GYeKtjm0
— Dan Held (@danheld) December 22, 2020
Michael Saylor Asks Every Big Company to Change Their Balance Sheet from USD to BTC
In an interview with Fox News on Tuesday, MicroStrategy CEO Michael Saylor said that Bitcoin (BTC) is going to be 100-times bigger than the big tech. He suggested that every big corporation should its balance sheet from USD to BTC. Further adding to this, Saylor said that Bitcoin will demonetize “Gold, negative-yielding sovereign debts, low-yielding sovereign debts, and every other index fund”.
#BTC is an institutional grade safe haven asset & solution to the store of value problem faced by everyone. #Bitcoin is the first digital monetary network. Corporations should convert the USD on their balance sheets to BTC to maximize shareholder value. https://t.co/CoaVKCeu8a
— Michael Saylor (@michael_saylor) December 22, 2020
On Sunday, December 20, Saylor also agreed to share his blueprint on how corporations can shift to Bitcoin (BTC) after Tesla boss Elon Musk showed interest in large BTC transactions. As of writing this article, Bitcoin (BTC) is 2% up trading at $23,471 levels with a market cap of $436 billion.
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