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Billionaires Are Buying Bitcoin, And Not From Where You Expect

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Why Bitcoin Is Still The Leading Cryptocurrency When It Comes To Cryptocurrency Trading

When it comes to trading cryptos, many people turn to exchanges for buying and selling digital assets. However, a new form of the crypto market seems to be emerging from the entertaining scenes of the arts industry. In fact, this new trading method, introduced by one Eleesa Dadiani, seems to be attracting the biggest fish in the tank – the billionaires.

It’s A Syndicate

Dadiani is an art dealer and has an office down in Mayfair where she runs the Dadiani Fine Art. A few years ago, Dadiani dabbled into cryptocurrencies and eventually started trying to meet her investors’ demand for trading fine art using Bitcoin. That’s how the Dadiani Syndicate was born.

Eleesa Dadiani now runs Dadiani Fine Art and the Dadiani Syndicate under one roof. Sometime last year, she partnered with a blockchain company, the Maecenas Fine Art, to facilitate crypto cashouts. Soon, the syndicate started receiving requests from wealthy people to facilitate the accumulation of digital assets, primarily Bitcoin.

They’re Buying  25% Of The Bitcoin Market

According to Eleesa, the Dadiani Syndicate has received a request from a billionaire who wants to buy as much as 25% of the total Bitcoin supply. That’s about 4.5 million Bitcoins worth over $38 billion. It’s notable that about the same amount of Bitcoins is currently assumed to have been lost. That makes the 4.5 million Bitcoins quite a huge chunk of the total circulating supply.

Avoid Exchanges

Obviously, such a large purchase would most likely upset the market if done through other channels like exchanges. That’s why Dadiani’s company and its clients avoid exchanges and opt for one-on-one (P2P) trading instead. The company’s job is to link the buyer to the seller and get a commission from the trade. The Dadiani Syndicate is currently on its 4th trade running into millions of dollars, with numerous transactions happening every day.

Bitcoin

Bitcoin Heading to $100,000 as FOMO Yet to Start at $11,000

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As Bitcoin breaches $10,000 and crosses straight to $11,000, analysts anticipated a major FOMO that would create panic and thus attract more buyers. However, there seems to be no reaction from the public on Bitcoin’s triumph on the long-awaited $10,000. This has left the cryptocurrency community wondering what is going on. Well, The Crypto King has an answer.

In a tweet earlier today, the blockchain entrepreneur said Bitcoin will be moving straight to $100k because if at the current price no FOMO has started then the asset has a long way to go. Also, the fact that no extreme media announcements and headlines on the price are an indication that it has not been noticed yet and could be going much higher

According to The Crypto King, this is good for Bitcoin as it leaves more room for additional development, adoption, regulations and institutional money to flow into the market while it grows to $100k. Interestingly, he is not the only one having this conviction on the future of Bitcoin in 2019.

Veteran trader Peter Brandt is also convinced that Bitcoin is going to $100,000. Also in a tweet, Brandt said Bitcoin is experiencing its fourth phase since 2010, saying only Bitcoin has gone parabolic on a log chart in this manner in his trading career. As far as he is concerned, Bitcoin is the best market ever.

Keiser Report host Max Keiser has also been confident that Bitcoin would go to $100,000. He predicted this price in 2011 and has not gone back on his word since then despite the rough ride Bitcoin has been through. It seems Keiser finally has witnesses in the house who see things as he does.

If Bitcoin is actually going to $100k then only 10% of the journey has been covered and there is a long way to go for those who haven’t gotten in the train to do so. It is currently on a slight pullback but a trader says it is normal and expected so there is no cause for alarm.

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Huge Dump in Bitcoin’s Price May Not be Evident Again

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Veteran Venture Capitalist Predicts Bitcoin Will Fall to $0-$500 And Eventually Be Replaced

Bitcoin has exhibited a pattern in the past which can be said to be booms and busts in its price. There have also been similarities between the percentage of increment and decrement between certain years.

However, Bitcoin may not decline by 85 percent as is evident in the past, reports Bloomberg on June 13, 2019.

Similarities in Bitcoin’s Performance in the Past

Per the report, Bitcoin surged from $0 in 2009 to almost $150 in 2013 but later dumped 60 percent in price only to rebound to $1,150. In 2015, it declined by 85 percent to $175 which is considerably higher than its price in 2013. Similarly, it surged to $20,000 in late 2017 only to dump by over 85 percent in December 2018.

Therefore, if one considers the pattern, they can expect a sharp rise in the virtual asset’s price between $60,000 to $400,000 before it also dumps by 85 percent. While that may sound pessimistic, there are reasons to believe that the spike and sudden crash in price will not be the case this time around. So far, Bitcoin is currently trading at $8,600 and its year-to-date high is $9100.

Reasons Bust Percentage May be Lower

On the other hand, the previous performance might not be evident since Bitcoin’s market cap is not $152 billion which is larger than its $1 billion and $3 billion market cap in 2013 and 2015 respectively. Moreover, more people have ventured into space as well as companies. An instance is the case of JP Morgan who launched its own cryptocurrency.

Nonetheless, crashes can still be expected since volatility is prevalent even in crypto assets that have no value. However, they may not be as significant as in the past where the dump amounted to 80 percent. What can be expected, is something around 20 percent or less.

Bitcoin’s Options Market

While throwing more light on what may have led to its conclusion, Bloomberg made reference to the Bitcoin options market. According to the media, when cryptocurrencies prices in late 2017 were similar to what’s happening today, the $10,000 one-month Bitcoin calls had an active trading and implied volatility of 300 percent.

The latter meant paying $2,200 just for the right to buy Bitcoin at $10,000 when its price is $8,000. Another factor that was a consideration is the correlation between Bitcoin and the S&P 500 Index.

Generally, crypto assets correlate with the index due to their performance in good economic times with support for innovation and inexpensive capital.

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