GBTC Bitcoin Investment Trust Observer

[Alley]

What the hell is going on with this thing?  Closed at $528 per coin today. 

[ImI]

bring on the ETF ffs!

[mmortal03]

What the hell is going on with this thing?  Closed at $528 per coin today. 

Yeah, it's the biggest positive spread versus the BTC market price since May 17th.

[mmortal03]

"Bitcoin Fund Linked to Currency’s Rally: Heavy trading in Bitcoin Investment Trust may have contributed to bitcoin price spike"

http://www.wsj.com/articles/bitcoin-fund-may-have-contributed-to-currencys-rally-1449460380

[Cconvert2G36]

"Bitcoin Fund Linked to Currency’s Rally: Heavy trading in Bitcoin Investment Trust may have contributed to bitcoin price spike"

http://www.wsj.com/articles/bitcoin-fund-may-have-contributed-to-currencys-rally-1449460380

Today, more breaking news that the MSM has no forking clue what is going on with the bitcoin market... Here's Tom with the weather.

[marcus_of_augustus]

"Bitcoin Fund Linked to Currency’s Rally: Heavy trading in Bitcoin Investment Trust may have contributed to bitcoin price spike"

http://www.wsj.com/articles/bitcoin-fund-may-have-contributed-to-currencys-rally-1449460380

... so now it is a leading indicator?

[hunnaryb]

"Bitcoin Fund Linked to Currency’s Rally: Heavy trading in Bitcoin Investment Trust may have contributed to bitcoin price spike"

http://www.wsj.com/articles/bitcoin-fund-may-have-contributed-to-currencys-rally-1449460380

... so now it is a leading indicator?

Its a circular argument, why is the fund priced the way it is.

[jl2012]

400XBT bought in November 2015

[Alley]

$650 per coin

[StarenseN]

Dem volumes...

[ImI]

bring on the fuckin etf already! ffs!!

[Alley]

ETF is a long ways away.  Gemini exchange isn't even approved in all 50 states yet.

[David Rabahy]

ETF http://www.otcmarkets.com/stock/GBTC/quote has been available for awhile already.

[marcus_of_augustus]

leading indicator?

[David Rabahy]

My guess is one pays a premium for GBTC since they are in short supply and desirable for retirement accounts.  I suppose it might be taken as a leading indicator to some degree since investors of this sort tend to do their homework.  The volume ain't huge so it might just indicate the feelings of such a small number of folks as to be next to useless in terms of the broader market.

[David Rabahy]

I am desperately trying to quicken the path through Grayscale (really my custodian) to arbitrage but to be effective I would need to be able to turn it around in a small number of days (or less) and right now it has taken most of a year for the first batch (not encouraging).

[mmortal03]

Dem volumes...

Wow, it hit 72.5 intra-day on Wednesday. Tuesday's close at 55.3 was also an all-time high at close. Looks like we may break that today.

[ImI]

I am desperately trying to quicken the path through Grayscale (really my custodian) to arbitrage but to be effect I would need to be able to turn it around in a small number of days (or less) and right now it has taken most of a year for the first batch (not encouraging).

tbh its a pretty silly contruct

[David Rabahy]

I am desperately trying to quicken the path through Grayscale (really my custodian) to arbitrage but to be effective I would need to be able to turn it around in a small number of days (or less) and right now it has taken most of a year for the first batch (not encouraging).

tbh its a pretty silly contruct

It was the first (and so far only?) way to get tax-favored retirement funds in; the lack of agility isn't utterly fatal.

I already had/have as many non-retirement funds in that I wanted; if I want more it is pretty straightforward to get them.

Bitcoins (or derivatives) in a retirement account (especially a Roth IRA) have a rather huge advantage over Bitcoins in a non-retirement account.  *If* it goes to the moon then the tax difference will be enormous.  I do fully expect the Roth IRA terms to be changed eventually; perhaps in part in response to the giant gains of Bitcoin.

[brg444]

I am desperately trying to quicken the path through Grayscale (really my custodian) to arbitrage but to be effective I would need to be able to turn it around in a small number of days (or less) and right now it has taken most of a year for the first batch (not encouraging).

tbh its a pretty silly contruct

It was the first (and so far only?) way to get tax-favored retirement funds in; the lack of agility isn't utterly fatal.

I already had/have as many non-retirement funds in that I wanted; if I want more it is pretty straightforward to get them.

Bitcoins (or derivatives) in a retirement account (especially a Roth IRA) have a rather huge advantage over Bitcoins in a non-retirement account.  *If* it goes to the moon then the tax difference will be enormous.  I do fully expect the Roth IRA terms to be changed eventually; perhaps in part in response to the giant gains of Bitcoin.

Except if.. you know... never cash out 

*insert Morpheus meme*