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Grayscale Bitcoin Trust - GBTC

Grayscale Bitcoin Trust - GBTC

Since Satoshi first activated the Bitcoin network, around 17.5 million coins have been mined.The fact that many of the bitcoins currently in circulation are in relatively few wallets, it is not always possible to assign names or identities to those addresses.

As of this week, only one company, of which you may have heard little, holds more than 200,000 BTC. I'm referring to Grayscale, owned by Barry Silbert, a creation of Digital Currency Group (DCG).

As Bitcoin continues its chaotic price action, falling and rising relentlessly through key levels, some paranoid traders have feared that institutional investors have been turning away from the crypto market.

GBTC is the Grayscale Bitcoin Trust and you can purchase shares of it like you would purchase a stock or an ETF.  This is an interesting beast because its prices is not perfectly correlated with Bitcoin.  I bought a shit ton of GBTC when Bitcoin was around 43K and now that its 55K i expected to be up a lot and I wasn't.  I would have been much better owning actual Bitcoin.

As I have tried to use GBTC to trade Bitcoin when I don't have enough money in a wallet, I have found that it doesn't work like I expect.  I dumped all of my GBTC the other day.  I am thinking about putting money back into traditional stocks.  My stock picks right now are still Twitter and Roku.  I own a lot of Roku but I don't have any Twitter.  Do you know why I think Twitter is the best?  When Facebook was down, you probably checked Twitter to see what was going on.

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