Gensler new chairman SEC, Grayscale bough $500 million of Bitcoin again, Guggenheim bullish over BTC
Gary Gensler chosen as chairman SEC
President-elect Joe Biden has officially named Gary Gensler as his pick for chairman of the U.S. Securities and Exchange Commission (SEC).
Gensler was chairman of the U.S. Commodity Futures Trading Commission (CFTC) from 2009 to 2014, and since November, he has led Biden’s transition planning for financial industry oversight.
It seems like a good move for the crypto industry. As a regulator of securities, Gensler, will oversee banks, brokers, public companies, as well as the crypto industry. Gensler would likely play a key role in considering a bitcoin exchange-traded fund (ETF), given several efforts to launch one in the U.S. and institutional interest in such investment products.
Source: The Block
Grayscale bought $500 million worth of Bitcoin in a single day
Grayscale purchased half a billion dollars worth of Bitcoin in the last days, according to Qiao Wang.
The massive increase in Bitcoin inflows into Grayscale, a week after they reopened their products to new investors, is indicative of high institutional demand for BTC.
This purchase brings the stack of Grayscale up to 3% of all bitcoin that are in circulation now. The circulating supply of Bitcoin is 18,6 million BTC, which will increase to 21 million the coming 120 years.
Institutional investors can buy GBTC shares to be exposed to the BTC price, without having to store the cryptocurrency themselves.
Guggenheim reveals that they bought Bitcoin for Private Funds
In a recent interview with Bloomberg TV, Scott Minerd made some important comments regarding his firm’s current position with respect to Bitcoin.
Minerd is not just a random guy. He’s the Global Chief Investment Officer of Guggenheim Partners, a global investment and advisory firm with more than $295 billion in assets under management.
The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”), a privately offered investment vehicle that invests in bitcoin.”
It was believed that Guggenheim had not yet started buying Bitcoin in any form. In the interview, Minerd told that they already did!
“We have already purchased it, and I think because I recommend it to somebody, if you believe what I said that it’ll go to $400,000 eventually, 2% of your portfolio will be 20% of your portfolio before this is over.”
Give us a call on +31 85 2250 510 or email us at firstname.lastname@example.org. Our members of staff are available between 9.00–18.00 CET to answer any question you may have, especially in regards to easily selling your crypto for fiat currencies.