Grayscale Bitcoin Trust (GBTC)

[bigjuice]

This is not comparable to Google. Google is a massive company. GBTC does nothing but hold Bitcoin.

Let's strip the Google part of your statement and take a look at what else you said.

You are buying GBTC based on the value you think it will have in the future. This is called speculation. We will come back to this.

Bitcoin itself is a speculative investment. The buying and selling of Bitcoin on through exchanges determines what the value for Bitcoin is. Through speculation and the market, as of today Bitcoin is worth between 16K to 18K. This is the speculative value.

GBTC only holds Bitcoin. Do you see where I am going with this?

You are adding an extra level of speculation to Bitcoin which already has a market value. Speculation is already built into that price.

This may sound confusing, but you are paying more for something because you believe in the future it will be higher than it is today, even though the market has already determined what they believe to be a good price. And here at GBTC, you are already paying much higher than that determined value.

Basically, you are doing yourself a disservice for thinking this way.

This is not a future's contract and shouldn't be treated as such.