Someone Just Bought $400 Million Worth of Bitcoin

[8Habits]

Just for fun, who do you think bought $400 Million worth of bitcoin and why?


Source: Fortune Website

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[EthanB]

This probably belongs in the economics, speculation or Bitcoin discussion sections. Not trying to give you a hard time, just trying to help you bring it to the people that would be most interested in this kind of information/discussion.

That being said, there's people that probably invest just as much money into BTC, but at smaller intervals so that they don't have an entire news article written about them, watching their address and trying to track down the identity of who purchased it. This is a security risk and very frightening for big investors that are considering BTC. We are often quick to scare people away through being overzealous and encroaching on privacy.

It would be lovely if they were to come out publicly and announce their investment, but of course that is not likely to happen. Probably why BTC price spiked up, if I had to guess.

Elon Musk probably did a celebratory purchase after the successful launch he recently did. There cannot be a tremendous amount of people with $400 Million in liquid funds/assets that they could just throw at BTC. I would assume it is somebody rich enough (obviously) and involved in technology to some capacity as someone uninformed would probably be very reluctant to make such an investment without fully understanding all of the nuances and capabilities. I also wouldn't assume it to be an organization or group of people, because when that has been the case in the past they are very excited to announce it an attain "credibility" for being an early adopter.

Single person, technologically inclined, at least $400 Million in liquid funds that was probably not involved in BTC before this; this is my guess, list is getting smaller with each criteria.

[HabBear]

It would be lovely if they were to come out publicly and announce their investment, but of course that is not likely to happen.

Probably why BTC price spiked up, if I had to guess.

It's not this transaction alone that can be attributed to the price spike over the last few weeks. The daily trade volume is double this amount, $800M, in a day at it's lowest volume. The highest daily volume over the last few weeks has reached $1.6B...per day!

Here's  a chart you might find useful, it's the daily trade volume in USD: https://blockchain.info/charts/trade-volume?daysAverageString=7&timespan=30days

[EthanB]

It's not this transaction alone that can be attributed to the price spike over the last few weeks. The daily trade volume is double this amount, $800M, in a day at it's lowest volume. The highest daily volume over the last few weeks has reached $1.6B...per day!

I actually had no idea what the daily trade volume is, so that is something I'm going to have to think on for awhile. I know that a single trade is normally not responsible for a spike like we're seeing, but it certainly could have been the change in momentum that we needed. At least, this is my opinion. We were sitting in the $8,000's then we have a major buy and everyone's charts start going off and they believe a trend is starting so they begin a self-fulfilling prophecy of starting a trend (at least temporarily) from a single large buy such as this. Sort of, like pushing a snowball down a mountain, except gravity is reversed.

Here's  a chart you might find useful, it's the daily trade volume in USD: https://blockchain.info/charts/trade-volume?daysAverageString=7&timespan=30days

I merited you twice, because you taught me something and gave me the resource to continue to monitor, learn and adjust my perspective accordingly. Bookmarked, and going to contemplate on what these numbers mean in terms of how much integrity our market has.

[HabBear]

I merited you twice, because you taught me something and gave me the resource to continue to monitor, learn and adjust my perspective accordingly. Bookmarked, and going to contemplate on what these numbers mean in terms of how much integrity our market has.

Thanks EthanB!

The Blockchain.info/charts site is incredibly useful. It's amazing how many questions I've seen on this forum about trade volume or economic volume that can be answered using the data from these charts and a few educated assumptions.

Let me know if there's any unique findings you can teas out of their data!

[followmenot]

This is of course very hard to guess but I feel like rich tech nerd bought it thinking price is cheap. I believe he will be confirmed right in 6 months as his money will double up. Let's wait and see if coins move on chain.

[BrewMaster]

these news sites which are repeating the same news have clearly never visited any exchange or possibly even bought any amount of bitcoin in their lives.

the fact is every exchange out there has a withdrawal limit. this address which all these news sites are claiming to have been buying bitcoin has received transactions as big as 6600BTC or nearly $72 million. no existing exchange has that kind of withdrawal limit.
they usually are from $1000 to $10000 at best.
https://www.bitstamp.net/faq/
https://support.bitfinex.com/hc/en-us/articles/115004565993-Minimum-Withdrawals
https://support.kraken.com/hc/en-us/articles/215357547-How-do-the-withdrawal-limits-work-

and if it is just based on transaction amount, then why did they choose this particular address?!! there are lots of them that are receiving large amounts of bitcoin every day. for example you can visit this link: https://blockchain.info/largest-recent-transactions and see the biggest amounts only in past 24 hours. right now there is on 1603BTC in the list. so why don't they talk about that?

not to mention that when you search that address in wallet explorer you can see the connection with Huobi exchange https://www.walletexplorer.com/wallet/e8fb61953c163500?from_address=3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64

[8Habits]

Wow, my thread got quality replies. I think we (bitcointalk forum) are gradually going to this path where quality replies prevail in all threads and everyone, especially the newcomers in bitcointalk, will get quality answers to their questions and will further be guided to the right path.

Thanks, commenters above, you got 1merit each from me!

[hase0278]

Just for fun, who do you think bought $400 Million worth of bitcoin and why?


Source: Fortune Website

Considering the amount of money invested, the one who invested into Bitcoin is probably Bill Gates because of the following reasons:
1. Bill Gates has not formally announced his investment into Bitcoin but he expressed a positive opinion about it in the past. See reference below for more information.
2. Bill Gates have a total net worth of 86 billion dollars in 2017 doubling that of bitcoin's total marketcap of 41 billion dollars by the time the reference below was written.
3. Considering the fact from reason number two, it is an amount he will not regret to lose and he is the only one who can afford to risk that amount without worrying for his future financial conditions.
4. He has a lot of connections that can help him buy bitcoins worrth 400 million $ easily.
Considering the reasons above it is very likely that it is Bill Gates who bought 400 million $ worth of bitcoin for investment. I think he intends to hold it long term. I might be wrong because there is a chance that he have bought bitcoin way back it's early stages.
References:
https://www.cnbc.com/amp/2017/12/19/bill-gates-in-2014-bitcoin-is-better-than-currency.html
https://www.zerohedge.com/news/2017-06-22/bitcoin-perspective-bill-gates-worth-more-gold-200-times-more

[Nosk]

Just for fun, who do you think bought $400 Million worth of bitcoin and why?


Source: Fortune Website

There is no real possibility of knowing if this adress belongs to a whale or not. My theory : the dude who bought 400Musd in bitcoin was a whale who participated at the previous bullrun and the previous dump. He's just taking back some cheap bitcoin he sold  earlier for profit.
The fact that bitcoin price isn't regulated allow this kind of stuff.

Of maybe he's just some rich guy who got into my new favorite website http://www.isittimetobuybitcoin.org/ 

[teilwalL05]

Anonymously anyone can buy bitcoin but $400 million worth of bitcoin is to much this can be a whale that wants the value to increase rapidly just like what happen in the last year bull run, But we can see this is not enough because right now the price had sunk down again and we can see that mostly all coins are at the red zone again, But my theory would be a whale or some banks are investing with bitcoin and even a government official can be behind this.

[DeathAngel]

Just for fun, who do you think bought $400 Million worth of bitcoin and why?


Source: Fortune Website

Somebody with very deep pockets, I guess he just sees the current price as cheap & a great opportunity to make great profits. The price will be 3 or 4 times what it is now in a few years time.

Clever guy.

[Bonsaiav]

It seems that the great whales has reached the pre-planned targets, and the evidence shows after they spend $ 400 million negative news or FUD drastically decreases and at that time bitcoin has increased to over $ 11.000.

[rayk]

It shows that these prices are probably dip, I don't think so bitcoin can fall to $3000 etc. It is almost impossible now, they simply know what they are doing, buy btc 

[richardsNY]

Clever guy.

I wish I could say the same about people here, but unfortunately, I can not.... BrewMaster's post clearly hints at an exchange, but even without anyone telling you something, a few minutes (maybe even less than a minute) of research would show you the same. I wonder what will happen when Coinbase starts relocating their entire cold wallets, it must probably be the biggest ever whale that buys himself billions worth of Bitcoin according to the rubbish news sites. Seriously, and people still keep posting rubbish in this thread while being explained that it is an exchange and not a whale.... Sigh....

[sjefdeklerk]

I wish I could say the same about people here, but unfortunately, I can not.... BrewMaster's post clearly hints at an exchange, but even without anyone telling you something, a few minutes (maybe even less than a minute) of research would show you the same. I wonder what will happen when Coinbase starts relocating their entire cold wallets, it must probably be the biggest ever whale that buys himself billions worth of Bitcoin according to the rubbish news sites. Seriously, and people still keep posting rubbish in this thread while being explained that it is an exchange and not a whale.... Sigh....

LOL agreed, so many idiots here. There are even 2 threads in this same sub-forum, in that other thread it's explained several time that it's just the Huobi exchange cold wallet but people just KEEP posting it must be some big whale, even in that same thread!

I used to visit elitetrader.com regulary in the past and there were actually quite a few knowledgeable, intelligent people posting there (don't know how it's nowadays, been a while since I posted/lurked there). But here, man it's like a forum for 12 year olds. It just shows me that most of the bitcoin 'investors' are lazy idiots, just driven by greed, who have moved onto the crypto markets and are thus doomed for failure.