27th August 2021 > > BTC adoption.

tl;dr

Institutions are starting to get in on the act.

Market Snap

Market Wrap

Virtually no change in anything from yesterday. I guess there can’t be anything important going on in the world.

Occasional Series – The CCC is dancing in the woods for three days

Well, it is a Bank Holiday weekend. Back on Tuesday. Please take care of the price of BTC in my absence.

Curious Cryptos’ Commentary – Institutional adoption of BTC part I

A report by Buy Bitcoin Worldwide (who admittedly are not necessarily the least partial of commentators) claims that 14 asset managers hold over 800,000 BTC worth approximately $40bn. That’s 4% of the total supply of BTC. It is a mere drop in the ocean of wealth that is managed professionally.

The Grayscale Bitcoin Trust (GBTC) accounts for most of that institutional money with holdings of over 650,000 BTC.

Depending on your nature you might see this as a good thing (the process of adoption by asset managers has hardly even begun) or you might see this as a bad thing (the process of adoption by asset managers just isn’t happening and it’s not going to).

I leave it up to you as to which camp you think I am in.

Curious Cryptos’ Commentary – Institutional adoption of BTC part II

In the same report one learns that 34 public companies hold 220,000 BTC of which half are held by MicroStrategy (MSTR) and 20% by Tesla (TSLA).

Private companies own 175,000 BTC of which 140,000 are held by Block.One, outpacing even the most ardent supporter, MSTR and CEO Michael Saylor.

In total Corporates hold 2% of the total supply of BTC.

Depending on your nature you might see this as a good thing (the process of adoption by Corporates has hardly even begun) or you might see this as a bad thing (the process of adoption by Corporates just isn’t happening and it’s not going to).

I leave it up to you as to which camp you think I am in.

Curious Cryptos’ Commentary – Government adoption of BTC part I

The most surprising stat claimed in this report is that national governments hold 260,000 BTC, over 1% of total supply.

Most of this is held by Bulgaria at 215,000 with 45,000 owned by Ukraine. The Bulgarian holding has come from law enforcement action against a criminal network that successfully – for a while at least - hacked the Bulgarian custom’s computer network to bypass import duties. I read that at the time of seizure the coins were worth $500,000 suggesting a price of less than $2 per BTC at the time (source unconfirmed).

We all wish we had bought back then. HODLing is looking lucrative for the government of Bulgaria.

Curious Cryptos’ Commentary – Government adoption of BTC part II

Er, that's it.