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- By the time this bubble pops, even the doubters will have to own Bitcoin or get redeemed for lagging their benchmarks—which ironically completes the circle as these funds will either buy GBTC in the market or buy in a placement. Seriously, if you’re running a Global Macro fund and don’t at least have a few percent allocation to something this obvious, you should be ashamed. With GBTC now owning almost 10% of the “free-float” of Bitcoins, it has become the central enabler of this Ponzi Scheme. I have never seen a security act in this fashion and as soon as I realized that the risk-free arbitrage mechanism imbedded in GBTC was driving Bitcoin higher, I bought a whole lot of GBTC.