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Retirement Planning

Sep, 23
0

Why This Rich and Uber-Exclusive Bitcoin Club Makes Its Trades in Secret

Today: Find out why “bitcoin is going to the moon!”

Bitcoin is going to $14,000 by the end of the October , bulls say. Others think $50,000 by December is doable. Tim Draper thinks it’s going to $200,000 by 2022.

But how, when bitcoin has struggled for months?

That a small, exclusive group of around 20 well-heeled investors have been making huge bets in bitcoin since last year.

While small in number, they’re responsible for billions of bitcoin being traded “behind closed doors” every month. VanEck estimates these whales trade between $250 million and $500 million in bitcoin every day.
Operating in the Shadows

These guys don’t use exchanges like Coinbase. And for good reason. As I mentioned earlier, these exchanges are cumbersome to use. They’re exposed to the prying eyes of government agencies. They’re subject to cyberattacks. And they’re far too public. More on this last point…

With an average deal size of $250,000, this exclusive group doesn’t want to move markets. So they do their trading in private via trading desks.

Some of these cryptocurrency desks handle more than $100 million a day, according to a recent report by Reuters.

After all, 20 “large” investors making big bitcoin bets through private trading desks is a drop in the bucket compared to institutional money. There are around 245 crypto-focused funds right now, according to Autonomous Research, representing billions of dollars waiting to be invested in bitcoin (and, down the road, other cryptocurrencies).