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Grayscale Bitcoin Unlock - Apa Itu & Dampaknya Untuk Market - YouTube
Channel: Angga Andinata
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In this video, we will discuss
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Mega whale Bitcoin.
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That is
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Grayscale.
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Because no kidding,
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Grayscale controls three percent
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of the bitcoin marketcap.
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And what is being talked about again,
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Grayscale is currently entering the unlock period.
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So,
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what is Grayscale?
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And why
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this Grayscale unlock event is considered important.
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And
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what impact will it have on the market?
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We will cover in this video.
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But for those of you who haven't subscribed yet,
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please subscribe first.
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Friends can also follow my Instagram at angga.andinata.
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This video is sponsored by crypto.com.
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If you want to trade
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or invest in Crypto assets safely.
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Get the opportunity to buy coins at a discount.
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Also get a total bonus of one Bitcoin in the supercharger feature.
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The link is in the description column.
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Crypto.com is a Global partner
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of Formula One,
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UFC,
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and visa.
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Grayscale Bitcoin
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or GBTC
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is an American company
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founded in September 2013.
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Grayscale Investments
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is part
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of the digital currency group
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led by its founder and CEO
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Barry Silbert.
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The Digital Currency group is also the parent company of CoinDesk
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and coinbase.
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The Digital Currency group
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is also an investor
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in ripple.
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Grayscale Bitcoin creates grayscale Bitcoin trusts.
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And it can be an investment tool
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for investors
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or institutions
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who want to invest in Bitcoin in a large Pull
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but
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can be traded
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like stocks
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or ETFs.
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Over time,
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Grayscale doesn't just trade Bitcoin.
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Grayscale also trades several other altcoins such
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as ethereum,
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ethereum classic,
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Bitcoin cash,
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decentraland,
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and many more.
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Grayscale was
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once
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a solution for
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institutional
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investors who wanted to trade Bitcoin
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like
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ETFs or stocks.
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Because
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in its heyday,
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ETFs in the form of Bitcoin were not yet approved by the SEC.
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And there is no ETF
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in the form of Bitcoin circulating in the market.
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So
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these institutional investors
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don't have much choice.
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There is only one option,
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which is Grayscale Bitcoin.
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Grayscale's own share price is trading
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at roughly
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the same price as Bitcoin.
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So, what's the scheme like?
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Grayscale
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in this case acts as a third party
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responsible
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for storing Bitcoins
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and is audited annually.
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Then
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Gray scale chose coinbase
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as a custodian
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to store Bitcoin
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in the form of a cold wallet.
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Which is not connected to the internet.
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Which
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Coin base is also owned by the parent company.
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Digital Currency group.
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And by the time this video was shot in July 2021,
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Gray scale was the
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biggest Bitcoin whale
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in the bitcoin marketcap.
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Grayscale Bitcoin
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holds 654,000 bitcoins.
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And with the grayscale bitcoin trust,
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these institutional investors
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can buy Bitcoin
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indirectly.
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Well, until here,
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maybe there are many friends who are asking in their hearts.
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Why do
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n't you just buy Bitcoin on the spot market?
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Why bother buying from ETFs
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or buying from
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grayscale bitcoin
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shares .
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Well, here's the answer.
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The former is certainly safer.
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These big institutions don't need to worry
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about the security
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of their crypto assets.
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Many large institutions
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want to invest in Bitcoin
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but are not familiar
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with the system
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in crypto assets.
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They also don't understand how to store them,
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and how to
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secure their assets from hackers.
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While
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Bitcoin ETFs don't exist yet,
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they can choose
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Grayscale Bitcoin as an investment alternative
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if they
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want to invest in Bitcoin.
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So by buying shares of Gray scale Bitcoin,
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more or less
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they are also storing Bitcoin.
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Well, the second answer.
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By buying
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shares of
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Grayscale bitcoin,
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institutions
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can invest in Bitcoin
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indirectly
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without worrying about taxes on crypto assets.
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What is certain is that it is cheaper to tax capital gains
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on shares or ETFs
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than capital gains taxes on Bitcoin.
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Third,
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this asset is
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in the form of shares.
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Can be inherited.
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In contrast to investing in crypto assets directly.
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Where are
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the heirs often confused
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about accessing
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Crypto assets owned by deceased families.
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It could be that they don't know that their family has assets in the form of Bitcoin
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or maybe they just forgot their password
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or didn't provide their wallet freski.
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Fourth,
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Grayscale bitcoin shares trade
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more expensively
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than Bitcoin itself.
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Because
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grayscale Bitcoin
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is the only stock issuer
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whose entire assets
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are backed up
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by Bitcoin.
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This grayscale bitcoin is listed on the nashdaq
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and can be purchased over-the-counter.
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Which ultimately
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makes
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the supply scarce
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and the price
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can be traded
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20% above Bitcoin.
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Even more.
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Fifth,
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Bitcoin grayscale stocks
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are used as speculation by traders who dare to take risks.
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They take the risk
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by taking advantage of the ups and downs of Bitcoin's grayscale stock price.
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Even
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the Grayscale bitcoin stock price
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closed 40% above the Bitcoin price.
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So as if it can be used as leverage.
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So,
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for institutional investors.
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It's more
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of a safety factor.
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Grayscale Bitcoin
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is not offered
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to just anyone.
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But
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only offered to institutional investors
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or accredited investors
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with a minimum investment of 50,000 dollars.
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And
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before they can sell it again, their funds are
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locked for six months.
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After 6 months,
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they are only
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allowed to sell their shares to the market.
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This is what is known as the
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Graysclae bitcoin unlock.
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So in the crypto world, there is such a thing as stable coins.
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There is also such a thing as tokenize stock.
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Where
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the coin price
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is calculated based on the underlying asset.
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For example USDT or BUSD backed up by the dollar.
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Well,
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it's the opposite.
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If you
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can make a term,
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what is it?
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Stable Shares maybe.
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Because holding a share of Grayscale Bitcoin
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is the same as owning a certain amount of Bitcoin.
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So Who are these Grayscale Bitcoin buyers?
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Now. to understand
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the Bitcoin grayscale unlock case and its relationship to the market.
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We have to know first,
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who is buying grayscale Bitcoin?
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There are two grayscale Bitcoin markets.
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The first is institutional investors or accredited investors.
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Grayscale Bitcoin calls it sponsorship.
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So the sponsors
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invest
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and deposit their funds
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in Grayscale bitcoin.
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Which is then
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bought Bitcoin
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and stored in a cold wallet
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that is not connected to the internet.
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In this case, Grayscale Bitcoin chose the coinbase as its custodial asset.
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In exchange for these Bitcoins,
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grayscale Bitcoins issue shares.
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And investors get shares
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according to the amount of Bitcoin that is deposited.
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Later,
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these shares can be resold
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during
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the unlock period.
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That is
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six months after
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or one year after.
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So there are six months and one year periods.
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Well, until here, my friends understand, yes.
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How does
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Grayscale Bitcoin work or investment scheme.
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It's a bit complicated
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and
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a bit difficult to understand for us laymen.
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But I will try to explain it in
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very easy to understand language.
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Then
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the second market
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is the
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retail market
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or traders
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who buy shares. These unlocked investors are
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traded
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or
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used as cash.
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And these bitcoin grayscale stocks are
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only marketed
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over-the-counter.
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Well, I already said.
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Grayscale Bitcoin is the only stock
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whose assets
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are fully backed up by Bitcoin.
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As of January 2021,
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1,000 shares of Grayscale Bitcoin
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are roughly the same as one Bitcoin.
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But there is a 2%
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fee charged
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to shareholders
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which is used as fee management.
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And deducted directly on
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Bitcoin assets owned by investors.
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So Over time,
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the comparison of Grayscale Bitcoin's stock
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price and Bitcoin's own price
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will widen.
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You could also say,
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Grayscale Bitcoin is
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a derivative
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product
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of Bitcoin.
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The problem is, in 2021
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the development of
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Bitcoin grayscale
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is stagnant.
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Even
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in the market,
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it is opened at a discounted price.
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Why is this Bitcoin grayscale
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currently in the spotlight.
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Because on July 18th,
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Grayscale bitcoin shares
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worth 16,240 Bitcoins were
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unlocked.
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And
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began to be traded by investors.
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Worriedly,
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investors have started to leave Bitcoin grayscale.
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Why
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did these investors
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love grayscale Bitcoin so much?
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Now even in the dumb
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and abandoned by investors.
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First, the price is premium.
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The price is more expensive than the price of Bitcoin itself.
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Even the price is sometimes unreasonable.
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It can be 20,
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40, even 60% above the Bitcoin price.
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There is also a two percent discount
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as a management fee
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every year.
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The second
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is the Bitcoin ETF
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issued by Canada.
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So
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many investors are moving to this ETF.
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When the Grayscale Bitcoin unlock period,
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what impact will it have on the market?
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In my opinion, it
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is unlikely that investors will sell
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their Grayscale Bitcoin shares.
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Because yes, we know that Bitcoin
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is now
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falling in price.
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And these investors are still at a loss.
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Moreover, grayscale Bitcoin
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has a new rival.
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That is a Bitcoin ETF from Canada.
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Millions
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of dollars
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have already flowed into Canadian-made Bitcoin ETFs.
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As we can see in this chart.
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So,
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what is the impact
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in the short run and the long run.
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Because some analysts also
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give different views.
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On the one hand,
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this is my personal opinion.
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Grayscale Bitcoin has
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no direct impact on the market.
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Because Grayscale Bitcoin is stock
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and traded on the Nasdaq.
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And the coins
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are in the cold wallet.
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If there is an impact,
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there is volatility.
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That is the impact
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created
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by
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Bitcoin investors or traders themselves.
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Affected is not caused by unlocking.
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But because of the news and market sentiment.
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Not on the Unlock directly.
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The bitcoins aren't going anywhere.
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Stay in cold wallet.
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Moreover, Grayscale is buying back shares.
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Its shares were repurchased by Grayscale.
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And Grayscale is not a small company, guys.
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I'm sure they can
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accommodate the shares that are sold
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at a discount
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by investors.
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Because as I said earlier.
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Its parent company,
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the digital Currency group, is
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also the owner of the coin base,
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coindex,
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and investors
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of ripple.
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According to analysts from kraken,
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it is unlikely that investors will sell
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their assets.
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In this case, Grayscale Bitcoin shares, guys.
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Because they are still at a loss.
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To cover their losses,
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they
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had to buy more Bitcoin.
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Yes, the cool term is fun again, bro.
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They can buy from ETFs in Canada
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or buy directly on the Spot market.
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If this scenario occurs,
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according to analysts from kreken,
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there
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will be an increase in the price of Bitcoin.
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Then analysts from JP Morgan
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did not agree with the statement of analysts from kraken.
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According to JP Morgan,
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these investors will sell their assets.
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Of course,
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according to JP Morgan,
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this makes the price of Bitcoin
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depressed.
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According to William Quigley,
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Co-founder of tether.
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It is unlikely that investors will sell their assets
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on the expiration date.
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Because
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investors
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are still at a loss.
[877]
According to Ryan Todd,
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analyst at The Block crypto.
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Market conditions
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when this video was made
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or during the Bitcoin
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grayscale Unlock period.
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It is unlikely
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that investors will sell their bitcoin grayscale shares
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at a discount like today. But on the
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contrary,
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these investors will buy Bitcoin again
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at this discounted price.
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According to analysts at QCP CAPITAL,
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this Grayscale Bitcoin event has very little impact on the market.
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Although this is the biggest unlock,
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but this is not the first event.
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QCP said,
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based on records,
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these institutions did not do much selling
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when
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prices were being discounted.
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So,
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what do you think now
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?
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Friends,
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fill in the comments column, guys.
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I'm Angga Andinata, see you in another video.
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