Gigantic revenues were received last week by the crypto investment company Grayscale, which has already bought up large amounts of cryptocurrencies such as Bitcoin and Ethereum in 2020. Following the recent launch of the company’s publicity campaign through a commercial on American television, $217 million in client funds were invested. 195 million of which went into Grayscale’s Bitcoin Fund. This is the biggest amount of money ever taken in in a single week, according to CEO Barry Silbert.
Crypto-Investment companies are getting attention
This development indicates the possible beginning of a race for investors for the cryptomarket. With the recent TV advertising campaign, the company now wants to attract more customers. Silbert attributes the rapid success directly to the TV commercial:
„We are happy that @Grayscale had its biggest fundraising week EVER …217 million dollars were invested in the Grayscale Funds. Guess you enjoyed the commercial!“
The 30-second commercial focused mainly on the past of money and the weaknesses of today’s established monetary system. Cryptocurrencies were only briefly addressed, but the company advised investors to „go digital“. The advertisement was broadcast on American television channels such as CNBC, FOX, FOX-business and MSNBC.
Currently Grayscale is also talking about the impact of the Corona crisis and advising clients to take advantage of the opportunity to benefit from the digital change affecting the global financial system. The company sees Bitcoin as a way to protect ourselves against inflation.
Silbert now also believes that a Bitcoin ban in the US is becoming increasingly unlikely as more and more policy makers would argue for the existence of Bitcoin.
More and more crypto companies are now following this trend. For example, the competing crypto-investment bank Galaxy Digital is also trying to make customers aware of the chance for cryptocurrencies. With the banner:
„Now is the time to invest in Bitcoin.“
they have published a full-page ad in the Financial Times.
Grayscale’s cryptofunds are growing
Grayscale was founded in 2013 by the venture capital company „Digital Currency Group“ and has invested large amounts of capital in the crypto market over the last few years.
The investment firm currently owns over 409,000 BTC, which is currently valued at $4.85 billion. However, the company’s „Ethereum Trust“ also had a total of more than $860 million in assets by mid-August 2020. Of this amount, over $120 million were added to the fund only in the single last week.
Will people continue to invest in the crypto market?
After Ethereum has recently broken out to prices of up to $440, some analysts are speculating on a break of the $12,100 level in Bitcoin. The selling pressure in this zone so far has not been able to stop the whales from accumulating and building their positions, according to analysts.
Whether this movement will lead to a bullish continuation remains to be seen. However, it is certainly a positive sign that the major Bitcoin investors continue to show interest.