The Dadiani Syndicate, a cryptoasset investment company, has reportedly received a request from a client who wants to purchase approximately 25% of bitcoin’s (BTC) circulating supply.
This, according to a Forbes article, published on May 30, 2019, which noted that the Dadiani Syndicate is a peer-to-peer (P2P) network that allows investors to settle cryptocurrency trades between each other.
Broker Client Wants to Acquire 25% of Bitcoin’s Circulating Supply
Notably, the Dadiani Syndicate, which describes itself as “the world’s first special purpose company turning digital wealth into real wealth”, had (last year) auctioned 49% of American artist Andy Warhol’s artwork “14 Small Electric Chairs” for bitcoin and other cryptoassets.
According to Eleesa Dadiani, the Founder of Dadiani Fine Art and the Dadiani Syndicate:
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.
“Less Than 5 Million Bitcoins” Circulating in the Crypto Market
Dadiani, whose Fine Art Gallery reportedly became the first in the United Kingdom to start accepting bitcoin, pointed out that buying a quarter of the (approximately) 17.7 million BTC in circulation would significantly impact the digital asset market. She remarked:
A buyer of this size is going to push the price up to make this kind of accumulation even more expensive,”
Dadiani also revealed that “even a greater number” of bitcoins are being held by cryptoasset investors. She believes that these hodlers will not be willing to part with their cryptocurrency holdings “for any price.” This, as she estimates that there are “probably less than five million” bitcoins currently circulating in the crypto market.
The price of bitcoin, the world’s most dominant cryptocurrency, has increased by more than 120% since January of this year. On May 30, 2019, the bitcoin price briefly surged past the $9,000 mark, however the flagship cryptocurrency is currently trading at $8,281.27, down 5% in the past 24 hours.
White Company Transacted $250 Million in Cryptocurrency on Behalf of Clients
Notably, the Dadiani Syndicate is not the only cryptocurrency-related firm that focuses mainly on high net worth individuals (HNWIs). The White Company, a digital asset concierge service founded by Elizabeth White, facilitated over $250 million in crypto transactions (in 2018).
White, a New York resident, believes we need to make cryptocurrencies more spendable. In an interview with CryptoGlobe in February of this year, White predicted:
The future economy will be 100% digital asset based. Every asset, from money to investments (like Apis Token which was the first tokenized hedge fund), to real estate, or ownership of anything will be represented on the blockchain. It's more efficient and more secure.