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Digital currency investment firm Dadiani Syndicate has reportedly been approached by a wealthy client to buy as close to 25% of the bitcoin (BTC) supply as possible, Forbes reported.
Presenting themselves as the “world’s first special purpose vehicle formed around the issue of global trade coordination and digital wealth conversion into real wealth”, Dadiani Syndicate has reportedly been approached by a wealthy client to buy as close to 25% of the Bitcoin (BTC) supply as possible.
An office in Mayfair, west London – this is home to The Dadiani Syndicate, the brainchild of art dealer Eleese Dadiani. Her gallery, Dadiani Fine Art, was the first to accept cryptocurrency payments, back in 2017.
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— Cryptos Experience (@cryptosexp) May 31, 2019
As Forbes is writing, Dadiani Syndicate became famous last year when they auctioned 49% of American artist Andy Warhol’s artwork “14 Small Electric Chairs” for Bitcoin and other cryptoassets. In order to do so, Dadiani Fine Art signed a partnership with the blockchain platform Maecenas Fine Art.
The Founder of Dadiani Fine Art and the Dadiani Syndicate, Eleesa Dadiani, said:
“One of our clients approached us and said they were interested in acquiring 25% of all bitcoin currently available. There are a number of entities who want to dominate the market. A buyer of this size is going to push the price up to make this kind of accumulation even more expensive. Yet even a greater number of coins are currently being held by hodlers who will not be willing to part with them for any price.”
Most Bitcoin Held by Hodlers
Mati Greenspan, eToro’s senior market analyst, said that such a large buyer is going to be pushing the price up of the digital currency. He said:
“Many [bitcoin] will not be mined for a long time and many more are lost for good. Yet even a greater number of coins are currently being held by hodlers who will not be willing to part with them for any price. Realistically speaking, there are probably less than 5 million coins actually circulating at the moment.”
Greenspan also added:
“A buyer of this size is going to push the price up to make this kind of accumulation even more expensive. There are ways to offset that kind of demand-based price increase but after a certain level there’s not much you can do to prevent it.”
Just this year, Bitcoin price grew over 140%, allowing the sentiment in the space to become positive once again. Although Didiani currently deals with Bitcoin, she said that they are open to adding support to new digital currencies. Even though, the demand for other cryptos is not so high. Eleesa Dadiani said:
“At the moment, people just want to buy bitcoin. There’s little interest in other cryptocurrencies but we have not been doing this long and would be open to others in the future if clients wanted it. If someone wants large amounts of ether or another major cryptocurrency, we would likely be able to find a seller.”
She also added that the interest in Bitcoin has never waned, and that her art gallery has dabbled in cryptocurrency for years “though the media paints a very different picture.”
However, bare in mind that the Dadiani Syndicate is not the only cryptocurrency-related firm which is focusing on high net worth individuals (HNWIs).
The White Company, a digital asset concierge service founded by Elizabeth White, is known for facilitating over $250 million in crypto transactions (in 2018).
White said that she believes the market needs to make cryptocurrencies more spendable and believes that “The future economy will be 100% digital asset based.”
Be it as it may, Bitcoin became an asset available only to the upper class. Unfortunately, it is still hard to imagine every investor having even a one coin.