Grayscale is looking to Invest in other Altcoins
I think we all know or have heard about the Greyscale fund. One fund that is owned by Digital Currency Group (DCG) and is one of the most renowned ones in terms of crypto holdings.
Now that btc has gathered all the attention the Grayscale fund is looking for other options. It's not that they will stop buying btc but now they have more competitors and at the same time it is harder to obtain a piece of the pie.
For example, we got other funds that are buying in bulk, like MicroStrategy which i made a post about them purchasing 1 billion in btc. Also, now with the news about Canada and cryptos, new competitors emerge from there as well and don't let me get started about the miners that are holding and not selling!
So according to a statement by the fund on 28/2/2021, they announced some of the altcoins that are currently looking which are the following:
Aave (AAVE) Basic Attention Token (BAT) Cardano (ADA) Chainlink (LINK) Compound (COMP) Cosmos (ATOM) Decentraland (MANA) EOS (EOS) Filecoin (FIL) Flow (Dapper Labs) (FLOW) Livepeer (LPT) MakerDao (MKR) Monero (XMR) Numeraire (NMR) Polkadot (DOT) Reserve Rights (RSR) Stacks (STX) Sushiswap (SUSHI) Synthetix (SNX) Tezos (XTZ) The Graph (GRT) Uniswap (UNI) Yearn Finance (YFI)
Note that all the above crypto options are for now examined and it has not yet been decided which of the altcoins they will invest. Also, note that currently they have invested and keep on investing in BTC, ETH, BCH, ETC, LTC, ZEN, XLM and ZEC.
Meanwhile with all the btc and crypto dump these days, the fund is selling their btc because of the FOMO of some of the investors. They had a drop of 21% this week alone!
For me, it isn't a sign of disaster as this is our every day in crypto markets. There is no reason for panic and fear but instead an opportunity to buy!
I can't help but wondering though if Hive and LEO, especially with the constant updates will reach to the ears of the funds and in the future invest in them. Heck, i am wondering the same about steemit and tron with all that promotion from justin.
I am really interested in the methodology of these funds to choose a coin to invest in. The first coins they have invested, as you can see are the classic ones, some don't even have value if you ask me, like ethereum classic.
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