Is Bitcoin Investment Trust Driving the Price of Bitcoin?

Leading blockchain firm Digital Currency Group’s trusted digital currency investment authority Grayscale launched the highly anticipated Bitcoin Investment Trust (GBTC) in March, allowing investors in the public markets to trade bitcoin publicly.

Operating under the ticker GBTC, each share of Bitcoin Investment Trust represents one tenth of a bitcoin, guaranteeing a certain amount of bitcoin per share owned by an investor. Upon its launch, the shares of GBTC surged to US$32 per share, marking a 10.92% increase in just a few days, as the daily volume increased by 10 times.

Due to an increasing number of incident reports of hacking attacks and data breaches on bitcoin exchanges such as Bitstamp, more vestors and high-profile traders begun to purchase bitcoins through Bitcoin Investment Trust as it provides a certain level of insurance bitcoin exchanges fail to provide.

Since March of 2015, the share price of Bitcoin Investment Trust has doubled and is currently valued at US$63 per share, suggesting that traders and institutional investors in public markets are trading bitcoin at around US$630 per coin.


Recognizing the substantial growth of Bitcoin Investment Trust and its rising popularity

Read more ... source: TheBitcoinNews

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