The owner of a decentralized art gallery says she’s getting deeper into the crypto game by helping the super-rich acquire Bitcoin.
Eleesa Dadiani launched Maecenas last year, which uses the Ethereum blockchain to sell fine art for Bitcoin and other cryptocurrencies. Andy Warhol’s 14 Small Electric Chairs was the first piece for sale on the platform. One hundred people bought fractional shares for a 49% ownership stake in the painting.
Now, Dadiani is rolling out a new initiative called Dadiani Syndicate, a peer-to-peer digital asset trading platform for absurdly rich buyers, reports Forbes. And according to Dadiani, one of her clients is looking to buy a jaw-dropping amount of BTC: 25% of the circulating supply.
“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.
When I founded the institution it was a way for people to cash out of their cryptocurrency assets. But we found there were people who wanted us to assist them in buying enormous amounts of Bitcoin.”
Bitcoin’s circulating supply is 17,731,812 according to CoinMarketCap. A 25% chunk would be 4,432,953 BTC, worth $38.5 billion at time of publishing.
Dadiani says she’s working to buy as much Bitcoin as she can for her clients. By making over-the-counter purchases, she hopes to avoid pushing up the market price of BTC.
“People buying large quantities of bitcoin want to avoid slippage. The only way to do this is to avoid exchanges.”
Regardless, eToro’s senior market analyst Mati Greenspan says Bitcoin buying on that scale would have an obvious impact on the price.
“A buyer of this size is going to push the price up to make this kind of accumulation even more expensive. There are ways to offset that kind of demand-based price increase but after a certain level there’s not much you can do to prevent it…
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 5 million coins actually circulating at the moment.”