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Lol. Everyone needs to read the thread on twitter. Citron is getting roasted for this stupid tweet. It was a month or so ago this same dude said gbtc is only with $100. Now he says it's only worth $1100.
Has anyone actually successfully shorted gbtc or know if someone that has?
Well time for the profit takes to enjoy their $300-1000 gain. I'm not judging as everyone has their agenda but if you follow gbtc you know that it will be back up over 1800 + in no time. This stock always returns to its high and blows threw it. Today we know 1800 is next. It kissed it today but in a while it will be making out like a teenager in no time. LoL ?? Check the history.
Yep. Cha Ching!!! ????
Funny how quiet this board is when the stock is moving like this. Everyone must be counting their money? LOL.
Depends on how you calculate the now infamous "nav". Bitcoins prices are all over the map literally. It's surpassed $12,000 yesterday in Asia and is higher Than that in Africa likely.
In the end all I can say is trade to your comfort level. If you want to wait for a dip before buying great. My situation is different as I've been in since it was in the 60-80 range. I got out once and got back in the same day. I'm loving the days where it goes up $200-250 a share. If I had more cash I would buy more immediately. The hell with a premium!
I honestly don't care about a 20% premium vs a 40% premium when I can earn $40/50k in a day. Sure "if" I could buy at a cheaper price it's more money for me but that assumes that the increase would be the same and I could Time buying and selling just right. Any savvy investor will tell you you can't time the market.
The thing is the premium and returns go hand in hand and are likely a wash as you might pay more to get in but you get more return too. It's an empirical question.
Again trade to your risk and confront level.
People Plz stop talking about the premium! As you can see it's not a big deal.
"In South Korea, bitcoin is being traded with a premium of over $1,270, a 12 percent premium rate. While it is not as high as the rates provided by bitcoin-based exchange-traded notes (ETNs) or regulated bitcoin instruments such as Grayscale Investment’s GTBC, it is still significantly more expensive to acquire bitcoin in Japan and South Korea."
https://www.cryptocoinsnews.com/bitcoin-price-nearly-12000-south-korea-japan/
Bitcoin almost at $11,000. Gonna be a wild ride today if it holds!
Terence
Stocks trade at multiple times their earnings and more than book value on the regular. Also factor in bitcoin, bitcoin cash and the new bitcoin into the underlying value of stock.
Well don't know about them not being smart.
If you have the capital why not buy and double your money now as opposed to later.
Technically speaking, it's an empirical question if you're better off trying to buy on dips and time your exit or buy now paying the premium and enjoying the gain sooner than later (i.e., risk tolerance, time value if money, reinvestment of gains sooner than later, etc. ). To each his/her own.
Some folks don't like taking custody of coins and most don't care if they pay a premium as long as their returns are through the roof. The stock as more than doubled since that citron guy said something. Go figure
"The gains come ahead of the expected launch of bitcoin futures in the second week of December by the world's largest futures exchange, CME."
A new high today???? Getting close
Gbtc fund also has BCH coins as a result of the first fork so it should be unchanged longterm
Bitcoin classic shuts down in 6 months
https://cointelegraph.com/news/bitcoin-classic-shuts-down-as-staff-claim-bitcoin-cash-will-rule-in-6-months
Try coinbase or kraken
No fork no new coins. Expect some crazy movement short term.
Bitcoin at $7200. Wasn't that long ago people were speculating that the bottom was falling out of bitcoin.
Looks like money shifting from ethereum to bitcoin to take advantage of the fork and free bitcoin cash.
I could kick myself for not buying more at $250 when I discovered it.
I'd wait and see how things play out when the premium gets closer to zero. I don't know for certain that's what's going on but once nav premium is zero then we'll know for sure that's why gbtc is trading sideways more or less while BTC goes up.
Why not invest in both?
Dude that was in 2013. Why post articles that are super old and not relevant. Are you trying to confuse people here? I know I'm not the moderator and everyone makes mistakes but please vet the articles you post beforehand.
Thanks
If there's a sell off tonight and tomorrow it's because it's Friday and bitcoin typically (not always) dips ok Fridays as swing and day traders sell off positions for weekend.
Everything is a risk up/down... part of the market.
Yep. Been saying the same thing. When you're doubling or tripling your money who cares about premiums?
I agree. I have to believe there will always be a small premium. I don't think it will be constant but it will be there. Thanks
Question for gbtc holders.
If/when gbtc goes to a price equal to NAV will you cash out and just hold bitcoins?
Technically the returns would be the same if gbtc remained paired to bitcoin.
https://www.bloomberg.com/quote/GBTC:US
The trust holds bitcoins. Shares are theoretically equal to .092 times bitcoin price.
nav is $442 as if today
https://www.bloomberg.com/quote/GBTC:US
Once that shorted gbtc and the news made the headlines a different type of investor came here. There was a huge 1 million plus dollar buy a few weeks ago. Wonder if that has something to do with it.
Demand is low. Trading volume is low today and had been
I agree but now the world knows and you have more sophisticated investors wanting in but can't justify the premium. Before it was what's call non-professional investors. Now more institutional like people are getting involved. Not institutions per se but bigger more sophisticated (technical term) players.
Boo boo- yes your calculation is right. I'm being very conservative saying historically it would be around 750ish. The premium vacillates a LOT.
Air drops are the new coins created by forks that gbtc gets. Gbtc has one bitcoin cash for every bitcoin it holds. Thus at some point those will be distributed in some way but for now are apart of the holdings of gbtc. That's why they matter and are included. Initial thoughts were bitcoin cash would crash and fail but if it holds up it has to be distributed in some form. That's all I'm saying.
Actually it is fundamentally what investors want to pay but what goes into their reasoning will vary from person to person. Some will anticipate upcoming forks and air drops and others will consider the nav only. Others will include the nav plus the bitcoin cash that gbtc has from last fork. Now doe market makers play games with stocks? That's anyone's guess. I've been in this stock for about a year and it's trading pattern is Always curious to me. One thing I've always seen is the price always goes up after sloshing like this.
Didn't say that. I was actually answering someone who PM'd me.
Where gbtc goes is a mystery. Eventually it will go back up. The sloshing around and dropping then going up the way that it has the past few days is curious to me.
(Boo boo) Historically GBTCPrice would be around $750 ish based on normal premium of 75%. That's not including bitcoin cash and definitely not taking into consideration the air drop of new coins coming. The impending airdrop is partially why BTC is going up. It's similar to buying a stock just before the dividend declaration date.
My only concern here is the possible implication of price manipulation due to what appears to be deflation/manipulation.
We may wake up to $5000 BTC ...
$4800 and climbing.
True but what people forget is they are paying for probable increase that will come with gbtc. I've said it before people don't mind paying a premium if they think they will double or triple etc. their investment- provided the have the cash.
Non professional investors didn't care about premiums as they were making money. Now that professionals are involved they are concerned about nav and "not over paying".
Future runs will likely be more controlled now but gbtc will still go up as of voids BTC.
Definitely looks like a deflating of minimum. Not a bad thing. At worse it trades at NAV of BTC which makes it appealing to all those who thinks it's over valued and demand goes through the roof. Remember I think there are only 1.8 million shares outstanding.
Goldman Sachs considers bitcoin
https://www.google.com/amp/s/hacked.com/goldman-sachs-embrace-bitcoin/amp/
Sounds like all crypto including mining. I could be mistaken so please verify.
Japan and Korea picking up slack from china abandoning of crypto.
https://www.google.com/amp/s/mobile.nytimes.com/2017/10/01/technology/bitcoin-japan-south-korea.amp.html
1980 shares! 'That's a big un'. LoL
Someone is expecting this to move up !