Bitcoin is back. The cryptocurrency has recovered some of its “glory” in late 2017, and now the coin is trading at around $8,200 at the time of this writing. Bitcoin has captured to eyes and hearts of many wealthy and not-so wealthy people. Some are buying Bitcoin to fight inflation and their financial systems, while other are buying Bitcoin as an investment for the future.
Now, according to an article from Forbes Magazine, there is an interesting scheme through which billionaires buy Bitcoin. The so called Dadiani Syndicate, which promotes itself as an investment platform that increases one’s wealth through digital holdings, matches bitcoin whales for both selling and buying. The Syndicate claims that its clients have so far acquired up to 25% of the entire bitcoin market.
The Syndicate was created by an art dealer. Her name is Eleesa Dadiani. Mrs. Dadiani started using bitcoin herself some time ago and is now operating the company through the same offices as her art dealing business Didani Fine Art.
The Dadiani Syndicate actually acts as a P2P system, where clients can buy and sell cryptocurrencies. Mrs. Dadiani’s role is to match the buyers and sellers.
The clients that the Syndicate has had are people interested in acquiring large amounts of the Bitcoin market, anywhere up to 25%.
According to a direct quote from the Forbes news:
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.”
The founder of the Syndicate also shares that many of the Bitcoin holders are actually hodlers and they will not part with Bitcoin for almost any price offered. This may in turn create some illiquidity in the market and essentially slow down the process of acquiring such a huge amount of the Bitcoin market.
The other concern is that when a client wants to buy a huge amount of the circulating Bitcoin, they will inevitably push up the price, which is a problem for all trading participants.
Despite the challenges faced by wealthy individuals looking to acquire more bitcoin, the interest in the people’s currency is not going anywhere any time soon.