With Bitcoin (BTC) price sentiment continuing to remain bullish following the uncertainty brought on by the United States presidential election, institutional investors seem to be getting more interested in betting on the markets. In the seven-day period ending on Oct. 27, Grayscale Bitcoin Trust, run by Grayscale Investments, saw a record inflow of $215 million (15,907 BTC), which surpassed all of its weekly inflows seen since inception.
At the current rate, it is estimated that Grayscale is on track to hold 500,000 BTC by the end of 2020, which is 2.7% of the circulating supply of Bitcoin. By 2021, it could hold up to 5%. According to Grayscale’s “Digital Asset Investment Report” for the third quarter, the average weekly investment into Grayscale’s Bitcoin Trust was up 40% to $55.3 million from a 12-month average of $39.5 million. Additionally, companies such as MicroStrategy, Square and Stone Ridge have bought into Bitcoin as a treasury reserve, which is driving their revenue growth in 2020.
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