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Saturday, May 13, 2017

Investor Frenzy: GBTC Sees Trades At 80 Percent Above Bitcoin Spot Price

Investor Frenzy: GBTC Sees Trades At 80 Percent Above Bitcoin Spot Price

Barry Silbert’s Bitcoin Investment Trust (GBTC) has seen unprecedented demand, causing its shares to trade up to 80 percent higher than the cost of a Bitcoin.

As Seeking Alpha reports on Friday, the asset, which remains the only choice for investors looking to get exposure to Bitcoin, saw vastly inflated asking prices since Bitcoin’s price itself soared to almost $1,900.

“The influx of capital into the digital currency has been extremely notable and is getting a fair amount of media coverage,” it commented on the phenomenon. “As hype ramps up, speculation ensues, just as with any type of asset, and bubbles start to form.”

The bubble sentiment has been shared by cryptocurrency industry figures such as Vinny Lingham and Tuur Demeester, while others have disputed the idea that Bitcoin is overpriced.

Full story at http://bit.ly/2qgyuRx

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