Dadiani Syndicate, a digital currency investment firm, reportedly approached a wealthy client to convince them of buying as close to 25% of the bitcoin (BTC) supply as possible, as reported by Forbes on May 30.
A peer-to-peer network, the Dadiani Syndicate enables users to trade with cryptocurrency. Eleesa Dadiani, the firm’s founder reportedly claimed:
“One of our clients approached us and said they were interested in acquiring 25% of all bitcoin currently available. There are a number of entities who want to dominate the market.”
As per Dadiani, acquiring a quarter of the current 17.7 million BTC supply, wherein many coins have been purportedly lost, would significantly affect the market. Dadiani elaborates:
“A buyer of this size is going to push the price up to make this kind of accumulation even more expensive. 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 five million coins actually circulating at the moment.”
Last year, the firm tracked a lot of attention when it put up 49% of Andy Warhol’s 1980 work “14 Small Electric Chairs” for sale via bitcoin and other digital currencies.
Bitcoin has been steadily recovering from the bear of 2018 and since January, the token has managed to gain over 120% in its price breaking the $9,000 price mark earlier today, the highest price point in over a year.
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