Some good action brewing in the GBTC again!

[minerpumpkin]

GBTC volume so far today: 115.3 BTC (1153 shares) @ 650-660 USD/BTC

This is insane. Could that one rumour really be true that they might go and try to short GBTC afterwards? I mean GBTC's price is so far away form the BTC spot price now, it's insane!

[Biodom]

Lol pretty sure its illegal for a broker to purchase bitcoins off some unregulated exchange with client IRA funds.

who needs a broker to buy bitcoin on coinbase or itbit?

[derpinheimer]

Now its showing 2049 volume??

Thats 205BTC..? not bad

[Chef Ramsay]

Now its showing 2049 volume??

Thats 205BTC..? not bad

I figured the action would pick up over there as the engines get warmer after the launch. It's also nice to see some veteran posters showing up again.

[Alley]

Lol pretty sure its illegal for a broker to purchase bitcoins off some unregulated exchange with client IRA funds.

who needs a broker to buy bitcoin on coinbase or itbit?

Pretty much anybody that wants a portion of there 401k or IRA invested in bitcoin.  That's what shares like gbtc are for.  

[Biodom]

Lol pretty sure its illegal for a broker to purchase bitcoins off some unregulated exchange with client IRA funds.

who needs a broker to buy bitcoin on coinbase or itbit?

Pretty much anybody that wants a portion of there 401k or IRA invested in bitcoin.  That's what shares like gbtc are for.  

Nobody with at least reasonable knowledge of finance pays more for any assets in IRA than on non-retirement accounts.
Maximum tax is no more than 45-50% in the top bracket at most taxing US jurisdictions.
You can buy 2.77 bitcoins for the price of one "GBTC" bitcoin
50% of 2.77 BTC is 1.385 BTC, so even in a worse case of taxation, it is still 40% more profitable (MATHEMATICALLY) to buy BTC on exchange than GBTC in most favored retirement account.

I guess, it simply shows that most people don't have cash, but have IRA balances.
i don't think that bitcoin per se was ever a "tulip", but GBTC certainly is one.

[hector3115]

Did you ever think that maybe these big funds are buying at this rate because they see the potential here and realize that BTC is WAAAAY undervalued??  Seems like a an extremely good risk / reward for their portfolio's speculative portion.

It might seem like its taking a long time for bitcoin to get going, but if you step back at how far bitcoin has come in a very short time it's amazing.  Price should start to reflect that sooner than later.

[gentlemand]

Did you ever think that maybe these big funds are buying at this rate because they see the potential here and realize that BTC is WAAAAY undervalued??  Seems like a an extremely good risk / reward for their portfolio's speculative portion.

It might seem like its taking a long time for bitcoin to get going, but if you step back at how far bitcoin has come in a very short time it's amazing.  Price should start to reflect that sooner than later.

It might go to the stars, it might fail miserably, it might level off to a respectable level. Just like any market really. They're throwing their equivalent of spare change at it. I doubt there's much to lose in their minds and possibly plenty to gain.

[derpinheimer]

Did you ever think that maybe these big funds are buying at this rate because they see the potential here and realize that BTC is WAAAAY undervalued??  Seems like a an extremely good risk / reward for their portfolio's speculative portion.

It might seem like its taking a long time for bitcoin to get going, but if you step back at how far bitcoin has come in a very short time it's amazing.  Price should start to reflect that sooner than later.

These arent big funds...

[hector3115]

I saw one firm bidding is citadel.  I believe they have 19 billion under management.  That's pretty big I'd say.

[Cconvert2G36]

I saw one firm bidding is citadel.  I believe they have 19 billion under management.  That's pretty big I'd say.

The bids you see are firms placing orders on behalf of their customers and partners who use their services to execute orders.

They may also act in a market making role, placing both bids and asks and making money on the spread.

You definitely don't want to assume that these bids are the individual firms taking long term investment positions for themselves. It's not impossible, but highly improbable.