[2019-05-30] Forbes - How Billionaires Are Buying Up Bitcoin

buwaytress

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Quote from: stompix on May 31, 2019, 05:00:20 AM

Yeah, a secret company came to her office and told her that:

Quote

Hey, we want to spend 50 billion on acquiring Bitcoin, and you're free to blab to everyone about our offer
Also, we sure trust you since your company has been set up 6 months ago and all your other businesses have been dissolved last year

Yeah, same sentiments expressed in another thread on this topic by gentlemand I think... definitely should be moved to discussion because this was almost certainly a paid article.

Forbes is... a vanity publication for finance. It might have been something a little different before but I invite you to check out the offices and clientele subscribing to Forbes. Amusing characters.

OneCoin used a fake Forbes cover to extremely effective measure as well (it took a journalist to expose it, their hundreds of thousands of members never realised) so you get an idea of the kind of things the readers are ready to believe.

Don't need no Dadiani to buy yourself some good Bitcoin.

stompix

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Quote from: BitHodler on May 30, 2019, 08:29:54 AM

Quote from: LeGaulois on May 30, 2019, 04:50:50 AM

I would have been more interested to know who these billionaires are. The article seems to be more of a promotion than anything else, which is not so surprising coming from Forbes. It is not surprising and not new that the riches go through institutions/firms.

News outlets are lazy. If they can just vaguely describe how the market has changed to the level where the elite is buying Bitcoin, that's enough for average joes to start getting excited.

It's not even real news.
He is a contributor and often those articles are just advertising for some companies that hand a check and make it to Forbes pages. It's way cheaper than Google Adwords and far more effective.

Yeah, a secret company came to her office and told her that:

Quote

Hey, we want to spend 50 billion on acquiring Bitcoin, and you're free to blab to everyone about our offer
Also, we sure trust you since your company has been set up 6 months ago and all your other businesses have been dissolved last year

Kakmakr

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I think most serious investors and traders has noticed that Bitcoin has for years been one of the best performing high risk commodities/currencies in the financial markets and they want Crypto currencies to form a small part in their investment portfolio now.

You will be stupid if you trust your wealth to investments in a depreciating fiat currencies and putting everything is shares and bonds, when most of these governments are failing at what they are doing.

We have seen massive corruption and fraud in some of the largest financial institutions and Banks and some big companies, so why should investors trust these entities with their wealth?

Kemarit

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This quotes for the article caught my attention:

Quote

Dadiani claims to have built up a consortium of sellers from around the world who have "colossal" amounts of bitcoin or who want to buy significant amounts and she is confident they have all been properly vetted against money laundering regulations.

Such exorbitant claims, or she really has deep connections that she's able to persuade them to invest majority of their money to bitcoin? That could be amazing if she can really do such a feat.

Quote

"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."

I'm thinking that whales really doesn't give a f**k about what's going on the altcoin market. I'm talking about big whales here, not just B level whales, but those investors who have billions in assets and can play around the bitcoin market, so this is a very welcoming news to hear.

Mahanton

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Quote from: Lucius on May 30, 2019, 07:28:01 AM

Although Dadiani say that they found "consortium of sellers from around the world who have "colossal" amounts of bitcoin", I wonder why those sellers not sell bitcoins on exchanges, is this a way to get fiat in more secure way, maybe to avoid tax?

Let's assume these mysterious buyers manage to buy millions of bitcoins, soon we should have a great shortage of coins on crypto exchanges, and basic demand - supply law would cause astronomical increase in prices.

For those people who do hold up that colossal amounts of bitcoins but still hesitant on using up exchangers to cash it up then this situation would really be a good thing or opportunity for
them to convert all of their coins to fiat cash directly. Avoiding tax and verification would be definitely the reason on making such decision.

I cant imagine on buying up 25% of the entire market.Same as said above,i cant imagine on how much bitcoins price would able to go up.

1Referee

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Quote from: Lucius on May 30, 2019, 07:28:01 AM

Let's assume these mysterious buyers manage to buy millions of bitcoins, soon we should have a great shortage of coins on crypto exchanges, and basic demand - supply law would cause astronomical increase in prices.

If you also add that miners only sell the bare minimum in order to cover operational costs, there is basically no flow of freshly minted coins finding their way into the market. CashApp alone based on its previous financial reports has been scooping up 10% of the daily number of minted coins, and this is just one service.

Another positive aspect is that in about 3 weeks, the last futures contract of the CBOE expires and no more will be added. In other words, less overall shorting with coins people don't have.

squatter

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STOP SNITCHIN'

Quote

"One of our clients approached us and said they were interested in acquiring 25% of all bitcoin currently available," Dadiani said. "There are a number of entities who want to dominate the market."

A quarter of all bitcoin currently in circulation, including those bitcoin that may be permanently lost, is around 4.5 million and worth a staggering $38 billion at current exchange rates.

Dadiani said this kind of accumulation is not possible to "realize" but her company has been instructed, "to scour the markets and gain access to as close to 25% as possible."

This is a bit hard to believe. Quite bullish for the market if true, though. If I were trying to accumulate millions of bitcoins through Dadiani, I might be pissed off to hear her blabbing to the press like this.

One interesting tidbit about demand:

Quote

"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."

BitHodler

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Quote from: LeGaulois on May 30, 2019, 04:50:50 AM

I would have been more interested to know who these billionaires are. The article seems to be more of a promotion than anything else, which is not so surprising coming from Forbes. It is not surprising and not new that the riches go through institutions/firms.

News outlets are lazy. If they can just vaguely describe how the market has changed to the level where the elite is buying Bitcoin, that's enough for average joes to start getting excited.

I from time to time watch YouTube videos where they basically cover news articles. While we keep trashing these articles, they consider everything to be very bullish without questioning the legitimacy or sources.

I guess that news outlets found the perfect balance in the way they release their articles and the amount of effort that goes in creating them. If the clicks are piling up, the article is a success.

Lucius

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Very interesting article, and if it is true that someone wants to buy 25% of all available bitcoins it would be a sign for price explosion. But it is also pointed out that Dadiani is trying to find way to make this possible without affecting the market to a greater extent. Only way to do that is to completely circumvent crypto exchanges and connect buyer and seller directly, where Dadiani Syndicate has the role of mediator between them.

Although Dadiani say that they found "consortium of sellers from around the world who have "colossal" amounts of bitcoin", I wonder why those sellers not sell bitcoins on exchanges, is this a way to get fiat in more secure way, maybe to avoid tax?

Let's assume these mysterious buyers manage to buy millions of bitcoins, soon we should have a great shortage of coins on crypto exchanges, and basic demand - supply law would cause astronomical increase in prices.

CryptoBry

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Of course, billionaires and millionaires can easily use the services of a firm so they can get into cryptocurrency with ease and convenience. As more and more interest is bestowed into bitcoin and the rest of the cryptocurrency industry, moneyed and famous people are getting interested to stake their claims on this innovation. These people can smell money from afar like a shark to blood and I am not anymore wondering why they are putting big investments here. They have the money, the resources and all the necessary means to buy the cryptos they wanted. How I wish I am also a part of this billionaire club so that I can buy at least 100 bitcoin.

LeGaulois

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I would have been more interested to know who these billionaires are. The article seems to be more of a promotion than anything else, which is not so surprising coming from Forbes. It is not surprising and not new that the riches go through institutions/firms.
That said, if they really have a customer interested in buying a quarter of the bitcoins on the market, I have no idea what ATH will BTC hit:p.

TheIrishman

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How Billionaires Are Buying Up Bitcoin

https://www.forbes.com/sites/billybambrough/2019/05/30/how-billionaires-are-buying-up-bitcoin

<< Far from the murky, impersonal world of online bitcoin and cryptocurrency exchanges, billionaires who want to buy bitcoin do it through an office in west London's upmarket Mayfair - and the relatively new service is becoming increasingly popular amongst the super rich with an interest in crypto. The Dadiani Syndicate, which styles itself as an investment "platform for... maximizing your digital holdings", and matches big bitcoin buyers and sellers in a way similar to buyers and sellers of fine art, claims to have helped clients who want to acquire "up to 25% of the bitcoin market". >>

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