- Bitcoin pushes up to daily high so far at USD 9,494
- Grayscale is buying 150% of the amount of Bitcoin being produced daily
- Crypto exchange Gemini is Samsung’s first US crypto exchange and custodian partner, and will integrate with a mobile app on Samsung Galaxy
Bitcoin is making some strong moves today, pushing price up to a daily high of USD 9,494 (CoinDesk) as the bulls suddenly find some temporary momentum to perhaps renew a fresh bid for five-digit valuations.
Meanwhile, Bitcoin is super bullish on the demand front, as we see news from crypto asset fund manager, Grayscale Investments, who has been buying much more Bitcoin than is being created by miners since the last block reward halving two weeks ago. Apparently, the data, published by an indie crypto researcher named Kevin Rooke, shows that the fund manager has been adding 18,910 BTC to its — roughly 150% more than the 12,337 BTC mined after the Bitcoin rewards dropped to 6.25 BTC on 11 May 2020.
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
Rooke said: “Wall Street wants Bitcoin, and they don’t care what Goldman Sachs has to say.” This was a clear reference to an earlier Twitterstorm based around some leaked comments from a Goldman Sachs investor call where Bitcoin was dismissed as not even a real asset class with a Powerpoint presentation reading:
“We believe that a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients.”
Twitter Crypto generally, and expectedly, reacted quite angrily to that, but Rooke’s chart was happily received by many Bitcoiners, with Binance CEO Changpeng Zhao shared the chart on social media saying:
“There isn’t enough new [Bitcoin] supply to go around, even for just one guy.”
Rooke had calculated last week that the investment firm had been buying up a third of new supply in the first quarter of 2020, accumulating more than 60,000 BTC in over 100 days, while seeing its trust recording a weekly average investment of USD 29.9 million during the quarter. Overall, this meant a year-on-year gain of 800%. To make matters even more bullish, Barry Silbert, Grayscale founder, responded on Rooke’s Tweet saying: “shhh…just wait until you see Q2.”
With this latest chart, it seems that Grayscale is now buying up about 1,112.35 BTC per day, up from 607.62 BTC during Q1, almost doubling its buying rate. The firm has previously dismissed all comparisons of Bitcoin to other currencies, especially that issued by central banks. It said:
“CBDCs are sometimes viewed as synonymous to, or as replacements for, digital currencies like Bitcoin, but they represent a meaningful departure from the decentralized protocols inherent to many cryptocurrencies.”
Meanwhile, the “first US crypto partnership” has just happened between crypto exchange Gemini and South Korean tech giant Samsung Electronics. The two will now have wallet integration with Samsung Blockchain Wallet on the crypto firm’s mobile app for US and Canadian customers. This would make them the first American exchange and custodian to formally saddle up with Samsung. The latter did not comment when reached by press.
Nevertheless, the new Samsung Galaxy phones will have its wallet acting as a place to store crypto and connect directly with Gemini. In a statement issued it said:
“By connecting their Samsung Blockchain Wallet to Gemini, users can buy and sell crypto, view their Gemini account balances, and also transfer their crypto into cold storage with Gemini Custody for the highest level of security.”
The collaboration means that crypto users now have independence and options all over the world, said Gemini co-founder Tyler Winklevoss. He and his brother recently told audiences on the What Bitcoin Did podcast show by Peter McCormack that the crypto industry had to agree with regulations if it wanted to succeed.
Image Courtesy: Pixabay