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For the same reason traditional firms trade at values in excess of book value or multiple times their earnings. Speculation on figure success? Growth potential etc.
Another exchange adding ethereum and Litecoins
http://www.livebitcoinnews.com/gdax-enables-euro-trading-markets-litecoin-ether/
Trading at a huge premium at this time. People are slowing becoming aware of the amazing returned so people are buying more and more. Still ask 10 people at your job or local grocery store and 9 of them won't likely know what bitcoin is and means
I think the author notes about token is confusing. Bitcoin has a singular purpose, which is payment.
Ethereum has many different applications. Each application "can" have a "limited or unlimited" amount tokens associated with it. Ethereum has many different functions.
It doesn't have however a hard cap like bitcoin. It's also not limited like bitcoin.
As for which one will be with the most etc. it's a matter of opinion. Bitcoin has and will continue to be great. However I'm seeing much more in terms of gains from Ethereum now. Of course it could switch back over the next couple of months. I'm long on gbtc, bitcoins and ether and litecoins so it's not like I'm favoring one vs the other. LoL.
Analyst suggest Ethereum has more upside since it has more applications. This is why I think it will do better than bitcoin over the future. Ethereum is being used by firms now in the USA. That's why it's soaring in price right now. It's not a form of payment but a system that allows firms to operate more efficiently when it comes to payments etc.
Ethereum is said to be bigger than bitcoin
https://www.google.com/amp/www.cnbc.com/amp/2017/05/23/bigger-than-bitcoin-enterprise-ethereum-alliance-grows-in-size.html
Litecoin is much faster than bitcoin but very similar to it technically. It too provides a way to pay for goods. Similar to bitcoin but again faster and with less issues. It will have a max of 81 million coins while bitcoin will have approximately 1/4 that amount.
They just had a major run to over $30/coin but has pulled back to the $25/coin range. Not sure when the run up will be but I recently bought into Litecoins. They (altcoins) all seen be linked to bitcoins success. Litecoins seem to be moving sideways and I suspect as more and more people become exposed to the outrageous gains being made that more people will seek out altcoins. That means cheaper coins could be poised for massive investments and increased price. Look for ethereum to go crazy with bitcoin and litecoin to follow in 2nd and 3rd place in terms of growth.
Just buy an amount you can afford to forget about and see what happens. I bought ethereum at $7/share and just watched it run up. Bought more at $49/ coin a few months and $200 later......??.
Lots of volatility in any altcoins but patience is the key. Also google each coin daily and check out the news. I think you'll find that your in on the ground floor of something big!
Try the app Bitstamp. Mot sure if the block is per the app or the state.
Ethereum is on a terror these days. It's up a couple thousand percent for 2017. It's about to be traded on two more exchanges in Asia June 1. If bitcoin is too expensive for you, try buying some ethereum. It's still got a long way to go (up that is).
Think of bitcoin as a program like excel or word and ethereum as an operating system. They are different and Both have major potential!!
Finally "Ripple" is another altcoin. It's trades for about .26/coin. So it's much cheaper and it's being adopted by lots of financial institutions(it's area of speciality).
Technically each share of gbtc is supposed to be 1/10th of the value of a bitcoin so if bitcoin is trading at 2250 then gbtc should be trading at $225. The premium is any amount more than $225.
Could be. Time will tell. Things are looking good though. We're looking at decline over the next hour or two or three. We may end up green today.
Why investors aren't giving up on bitcoin.
https://www.google.com/amp/nypost.com/2017/05/28/why-investors-arent-giving-up-on-bitcoins/amp/
"Why Bitcoin/altcoin prices declined?"
https://cointelegraph.com/news/crypto-massacre-why-bitcoin-altcoin-prices-suddenly-declined
Lots of volatility with gbtc. If you can't stand the heat get out of the kitchen. Gbtc will fluctuate either play long or play short. Set your goals and play accordingly.
Yeah next week I wouldn't be surprised to see bitcoin back to 2600/2700 and gbtc up to $450/500.
Minor correction by bitcoin expected to recover to its previous levels.
https://cointelegraph.com/news/bitcoin-price-officially-doubles-that-of-gold-experiences-minor-correction
Also notice how this stock dropped this morning and is creeping back up. I wouldn't be surprised to see it close slightly up today. That would be rare for this stock on a Friday but not surprising since like I said most people buy bitcoin for use and with s limited supply there is unlimited upside and downside limited to an extent. Yes it will go up and down big time but again look at the yearly chart of gbtc. Every big drop was followed by a massive run later. You can play the short "trading" game or you can go long. Either works with this stock. Personally I'm long. Been in this for about a year. That me though. I've had my full own MJ and gold stocks.
Rather than try to time the market, determine how much you can stand to loose. Rule #1 of Investing.
Then pick an entry point. $375-$400 is as good as it gets right now in my opinion. Yes it's been on a run but without understanding how bitcoin run you can't really understand gbtc and its run.
Also know that Asia represents about 90% of all bitcoin purchases. They buy coins to hedge against their country's currency. As someone points out. They are buying for a use we are buying to profit.
Trading here represents a very small portion of the market.
This is more of a traditional investment than most the pennies on OTC. Do what you feel is best for you and your portfolio.
Everyone has their opinion of this stick. Many treat it like any other penny. To me it's not.
My 2 cents
Normal Friday for GBTC. Bitcoins are wildly volatile. Been following this for a year now. Don't let they typical rhetoric sway you from this.
Normal for profit takers and correction of premium back to around 30%.
Unlike other plays however this will return back to $500 and more. I've been in since it was 72/share. It goes up rapidly and then drops big time only to go back up with a vengeance.
Bitcoin will blow throw 3,000 this year and maybe even 5,000. Question is where do you want to be when the next move occurs.
Swing traders will sell today and tomorrow due to weekend. I'm long and I'm strong! For those short termed. Congrats and enjoy your profit. No hate from me.
Yes it is a conservative range($600-1000).
A $2000 gbtc price when bitcoin is $5000 is a 400% premium. Not sure that will happen. Don't get me wrong great if it does but dont see it happening. It's not like dotcoms where there was no hard value of firms. Bitcoin has a value at all times. Some premium will occur but even where we are toddy is rare air and I do expect some leveling off at some point. I don't think that will be tomorrow however. Gbtc is Running on lots of good news.
Now I could bitcoin approaching 10,000 as more likely in 2018 and gbtc trading between $1300-1500/share
"If" things continue without a hitch. Bitcoin should be between 6,000-8,000 which puts gbtc up over 600 and likely pushing 1000. Just a wild guess. Hard to say since things a country adopting bitcoin affects thing bigtime. Really hard to predict.
Do you mean $2540??? Bitcoin has not gone over $2600 yet.
Australia and Russia onboard with bitcoin adoption. Russia will officially address it as as legal currency in 2018.
https://crushthestreet.com/articles/breaking-news/australia-russia-moving-adopting-bitcoin
Normally gbtc trades 30% higher than bitcoin. So if bitcoin was valued at $1000 then gbtc would trade at $130 or 10% plus a 30% premium.
We are well above that now which is why at some point either price increase slows down to allow the ratio to come into alignment or gbtc price will drop a bit to come into alignment. Hope that makes sense?
Right now we are in the middle of a run. How long and how much I can't say or guess.
Ethereum being tested with real companies. This is big. If this works out this further legitimizes cyber currency.
https://www.google.com/amp/s/www.ethnews.com/amp/tmx-group-to-test-natural-gas-transmission-with-blockchain-based-prototype
Over 300,000 shares traded. Almost double the previous high. $400 share price.
-Credit Moody's downgrade of China
-Credit companies agreeing on scalability solution of bitcoin
-Credit Ethereum Alliance adding more companies (now over 100 major firms).
-Credit Paypals CEO speculating million dollar bitcoin value in 5-10 years.
-Credit FIDELITY's CEO speaking about bitcoin in her first major speech.
-Possibly credit to SEC reconsidering Winklevoss ETF.
Coinbase is good and easy.
Here is why it's ok to buy ethereum. It's not about the number of coins with ethereum.
http://www.cnbc.com/2017/05/24/ethereum-price-bitcoin-rally.html
Look into the ethereum alliance. Is major companies that have joined like state street etc.
Not sure prices reflect ethereum investment but worth a look.
Look into ethereum (ether) as well. It's cheaper than bitcoin and expected to be bigger. It's easily tripled in price in the last 60-90 days.
Good strategy if bitcoins and gbtc. I've got bitcoins, gbtc, ether and litecoins.
I got into gbtc a year ago and bitcoins two years ago. It's already changed my life and at this rate it will change future generations!
PayPal's CEO recently said he expects bitcoin prices to reach
1 million in 5-10 years. That's a big change from the 15-20 projection analysts had 6 months ago!
1 million bitcoins puts gbtc at 100,000 /share (assuming zero premium).
Question for you to answer your question
A yes ruling for winklevoss etf would also set a roadmap for gbtc to so the same.
Any etf crested awareness and awareness creates demand. Investors will look at a brand new etf with no history compared to gbtc which has already gone up 150% in 2017! Which would you invest in? You'd likely go both! Put some in the winklevoss fund if the price is right and more in gbtc since it's a proven winner.
Maybe. Maybe.
I suspect we might see a bit of a jump 7$-12$ in GBTC if 2300 holds until morning and then we'll see some sideways trading. It's already at a exactly a 30% premium to underlying bitcoin. It typically never trades more than that. Profit taking on Friday so expect a bit of a pullback until Tuesday.
Ethereum app allows money transfers all over the world.
https://www.google.com/amp/s/www.ethnews.com/amp/token-application-lets-anyone-send-ether-via-messenger
Open it in your explorer. It works though. I reread the article
The Winklevoss etc is different from gbtc. If winklevoss is approved it will create competition for gbtc capital but it also legitimizes gbtc and bitcoin and provides a roadmap for gbtc to create its own etf. Managers have speculated that any etf approval would generate hundreds of millions in new investment dollars for gbtc and other funds. Gbtc share price would skyrocket even on a winklevoss approval.
Any etf approval being awareness which brings significantly more capital.
If neither etf is approved then gbtc remains the only way to invest. Word continues to spread and more capital flows into gbtc -albeit slower than if an etf were approved. Still good for gbtc.
I don't know what would happen if grayscales creates its own etf. That is will it convert gbtc into new etf shares? Will gbtc continue to trade separately? Those are questions I don't know. I suspect gbtc shareholders would not be left out in the cold however. Shareholders could alway sell their shares and buy the etf. There could be some type of 1:1 swap.