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 on May 30.
The Dadiani Syndicate is a peer-to-peer network where people trade between each other with cryptocurrency. The firm made news last year when it put 49% of Andy Warhol’s 1980 work "14 Small Electric Chairs" up for sale for bitcoin and other digital currencies. The firm’s founder Eleesa Dadiani reportedly claimed:
"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."
Dadiani said that acquiring a quarter of the current 17.7 million BTC supply — considering that many coins have been permanently lost — would not be possible without significantly affecting the market. EToro analyst Mati Greenspan stated, "A buyer of this size is going to push the price up to make this kind of accumulation even more expensive," continuing:
"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 five million coins actually circulating at the moment."
Since January of this year, bitcoin has gained over 120% in its price, and broke the $9,000 price mark earlier today, soaring thus to its highest price point in over a year. At press time, the leading cryptocurrency is down by 4.68% on the day and is trading at around $8,269, according to CoinMarketCap.