- Grayscale’s BTC fund from January will unlock this month.
- The GBTC stocks will be worth 41852.26 BTC.
- We will see if the funds are reinvested or cashed out.
Grayscale’s January BTC fund is ready for its much-awaited unlock this month. In particular, the GBTC stocks should be worth 41852.26 BTC. This will mark the biggest single-day unlocking event.
Specifically, that day will occur on July 18, 2021. In detail, its value will stand at 16,240 BTC stocks. Recently, the price of Bitcoin fell hard, this could lead to a possible drop in reinvestments once the Grayscale BTC funds are unlocked.
Many corporations began to invest in Bitcoin last year. Along with MicroStrategy, Grayscale was one of them. Both companies sold Bitcoin in the form of locked bonds or convertible notes. The idea was to invest in the token which both companies believed would skyrocket in value over time.
In comparison, MicroStrategy’s convertible notes will only reach their mature phase in 2027. According to many analysts, the price of Bitcoin will surpass $100,000 this year. In this scenario, it is possible that Bitcoin’s value will increase greatly by 2027.
However, speaking of Grayscale’s GBTC unlock this month, the jury is still out on that. Presently, the price of Bitcoin is $33,740.24, according to CoinGecko. This is almost half down by its ATH set earlier this year which was $63,000.
Mike McGlone, a crypto analyst says the reason behind Bitcoin’s recent massive dip was due to the surplus energy that went into mining Bitcoin. However, China’s crackdowns have led to miners looking for renewable sources of energy to power the Bitcoin mining process.
Thus, he believes that this move in making Bitcoin mining sustainable will soon stabilize the price of Bitcoin, which, in turn, will result in a price surge that should at least hit $100,000. Moreover, he says that this possibility is easy to achieve.
Mostly because Bitcoin has a maximum supply, which means the crypto will one day run out of supply but rise in demand. Hence, it is likely that investors will reinvest even though Bitcoin seems to be stuck at half its ATH, as it can just as easily hit a massive bull run in the future.
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