Mati Greenspan on billionaire BTC buyer: this will "push the price up"

30 May, 2019 | Updated: 30 May, 2019
by Will Heasman
Price Analysis
Mati Greenspan on billionaire BTC buyer: this will push the price up

Earlier today, Chepicap reported upon a billionaire who is allegedly trying to buy 25% of the total circulating supply of Bitcoin a mega percentage approximating 4,432,740 BTC (a gargantuan USD equivalent of $38.5 billion at current prices). eToro’s senior analyst Mati Greenspan, spoke to Forbes about how this would-be whale, could affect the crypto market…

The wannabe whale is an anonymous client of art dealer turned Bitcoin (BTC) facilitator, Eleesa Dadiani, who has turned her wealth of knowledge of art dealing toward the crypto industry, and now enables billionaires to jump into crypto via her peer to peer “exchange” The Dadiani Syndicate.

Forbes, the originator of the story, spoke to Greenspan about the potential fallout of a multimillion-dollar purchase of BTC.

"A buyer of this size is going to push the price up to make this kind of accumulation even more expensive," Greenspan explained, auguring a price pump for BTC if the buyer was successful in monopolizing the market.

"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."

However, Greenspan notes the improbability of a purchase of this magnitude, relaying that of the 21 million bitcoin that has ever, or will ever exist, “many will not be mined for a long time and many more are lost for good."

Greenspan also noted the myriad of Bitcoin HODLers who “will not be willing to part with [their Bitcoin] for any price,"

"Realistically speaking, there are probably less than 5 million coins actually circulating at the moment."

In the original interview, Dadiani explained the importance of buying large amounts of BTC without incurring any slippage – a difference between the expected price of a trade and the price at which the trade is executed, this is exacerbated by both volatility and large orders within a low volume exchange.

"People buying large quantities of bitcoin want to avoid slippage," explained Dadiani, "The only way to do this is to avoid exchanges."

Dadiani continues to relay that her firm doesn’t deal with people who are not “clients of reputable banks," adding, "We are market makers, coordinators of these trades. Once you involve banks and institutions, it's up to them to make sure their clients are abiding by regulations."

So far the Dadiani Syndicate has undertaken three “very large volume", and is currently securing the fourth.

What do you think of this wannabe Bitcoin baron? Could this provide a pump for the BTC market? Let us know your thoughts in the comments!

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