Billionaires Are ‘Scouring the Market’ to Own 25% of Bitcoin in Circulation

May 31, 2019 21:15 UTC

By CCN: The appetite among billionaires for bitcoin is huge as ever, according to Eleesa Dadian, an art dealer and head of a secretive network for billionaire investors called the Dadiani Syndicate, in Forbes. The company has reportedly been instructed to purchase a jaw-dropping 25% of all available bitcoin in the market. Too bad that isn’t likely to happen.

Whales Are Everything in Crypto Markets

The crypto community loves to talk about these colossal bag holders, as a great deal of the most significant trading is done in the shadows. The Dadiani Syndicate is apparently where a lot of this goes down. The peer-to-peer exchange was allegedly instructed to “to scour the markets and gain access to as close to 25% as possible.” Interestingly,  Eleesa Dadiani is a member of the Georgian nobility.

Is Buying One-Quarter of All BTC Feasible?

Such a bold claim begs the question if it would even be possible to acquire that much bitcoin. Dadiani says her firm can’t accumulate that much bitcoin, but they’re acquiring as much as possible.

eToro Senior Analyst Mati Greenspan believes that there are only around 5 million circulating in the entire market, largely due to “hodling.” He is quoted in Forbes as saying:

“Many [bitcoin] will not be mined for a long time and many more are lost for good. Yet even a greater number of coins are currently being held by hodlers who will not be willing to part with them for any price. Realistically speaking, there are probably less than 5 million coins actually circulating at the moment.”

Greenspan added:

“A buyer of this size is going to push the price up to make this kind of accumulation even more expensive. There are ways to offset that kind of demand-based price increase but after a certain level there’s not much you can do to prevent it.”

Billionaires “Hodling” Bitcoin Is Hardly Satoshi Nakamoto’s Vision

In the interview with Forbes, Eleesa Dadiani, the fine art dealer behind the project, states that crypto winter never really happened in her world:

“The interest in bitcoin has never waned, though the media paints a very different picture.”

Altcoins Are Less Prized by the Elite

It would seem that the wealthy have been scrambling to purchase bitcoin wherever possible, but is this true for other cryptocurrencies? Sadly, for fans of altcoins, only BTC is prized by Dadiani’s billionaire clients:

“At the moment, people just want to buy bitcoin. There’s little interest in other cryptocurrencies, but we have not been doing this long and would be open to others in the future if clients wanted it.”

Lambos, Picassos, and Bitcoin?

The world’s ultra-wealthy are not waiting around to see if bitcoin is going to the moon or not. They are simply buying as much of it as they possibly can. Sadly, it’s not hard to see why it’s now too expensive for an ordinary person to own an entire coin.

Hedging a portfolio for the 0.001% is so much more than buying stocks, bonds, or currency. Apparently, for the billionaire class, it’s fine art, classic cars, and bitcoin

This article was edited by Gerelyn Terzo.

Last modified: May 31, 2019 21:08 UTC

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