“Largest Fundraising Week Ever”
As the top digital asset is trading between $11,800 and $12,000, some analysts claim that traders and investors are accumulating Bitcoin. And the accumulation of BTC on the part of big players will result in a bullish breakout soon. Cryptocurrency asset management company Grayscale raises over $217 million in one week only which is the highest funding week ever.
Grayscale CEO Barry Silbert said:
“Thrilled to share that Grayscale had our largest fundraising week EVER…$217 million invested into the Grayscale funds. Guess you liked the commercial!”
Recently, Silbert informed over Twitter that the company will run a crypto ad campaign over major finance and business-related TV channels. Such a high funding amount is the result of that cryptocurrency ad campaign by Grayscale.
According to the company, the investment in the top digital asset is continuously increasing with time. Bitcoin Trust of Grayscale is now standing around $3.55 billion. The firm witnessed an investment of $1.4 billion in the first half of 2020.
“Asset raising increased significantly this quarter with 80% more capital raised compared to 1Q20, amounting to $905.8 million invested in our family of products. This record demand for Grayscale products quarter-over-quarter reflects increased demand for digital assets from individual and institutional investors alike.”
Other traditional companies have shown an interest in cryptocurrency. For example, recently, MicroSolutions has purchased Bitcoin worth $250 million.
Correlation between gold and Bitcoin is High
Another prominent reason is the capital inflow of investors in safe-haven assets as the correlation between gold and Bitcoin is also reaching high. On-chain crypto data provider Skew stated:
“Bitcoin/Gold 1 mth correlation reaching new all-time highs, giving momentum to the store-of-value narrative for BTC in these ‘money printer go brrr’ times.”
Today, Berkshire Hathaway of Warren Buffet has purchased gold mining company Barrick Gold. VanEck director Gabor Gurbacs said:
“Warren Buffett said he would never invest in gold. He did invest in gold miners because it made sense. Warren also said that he would never invest in Bitcoin. I am waiting for the day when Warren changes his mind on Bitcoin.”