Despite scaling issues with Bitcoin, it is still considered the leading cryptocurrency in the world. It continues to surge and expand as investors get enticed by the possibility of massive gains in a short period of time. Even more promising are Bitcoin’s long-term prospects.
Investors love Bitcoin because it has been providing a significant and fast return on investment. They have been scrambling to get their hands on Bitcoin, or to gain exposure to it through the Bitcoin Investment Trust. The Bitcoin Investment Trust trades publicly under the GBTC symbol and offers investors exposure to Bitcoin without the challenges of acquiring and storing the currency.
Bitcoin is currently trading in the $4,000 range. According to a recent presentation made by the Bitcoin Investment Trust, as of July 31 each share of GBTC represented 0.09258535 Bitcoin. GBTC is currently trading at about $684 per share, equalling about a 41.5% premium..
Even if there is a high premium, investors are willingly paying it along with the annual 2% fee. In the July 14th filing of Registration Statement No. 333-215627, GBTC explains the reason its shares are in such high demand. The filing states:
“[GBTC is the] only publicly-quoted investment vehicle that seeks to provide passive exposure to Bitcoin."
Full story at http://bit.ly/2xiRrGg
Source: CoinTelegraph
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