Grayscale Bitcoin Trust trading at a 30% premium, more gains incoming?

25 Jun, 2019 | Updated: 25 Jun, 2019
by Richard Allen
Bitcoin
Grayscale Bitcoin Trust trading at a 30% premium, more gains incoming?

According to data on Yahoo! Finance, Grayscale’s Bitcoin Trust (GBTC) is trading at $14.63 at the time of writing. At this level, investors are paying a 30% premium on Bitcoin, looking at a price of $14,640.

Bitcoinist notes that the premium is nothing new, but has been increasing significantly as Bitcoin continues its bullish price movements. GBTC went as high as $15, a premium of 40%, leading to speculation that the market still has major price increases on the way.

One trader noticed the 40% premium, noting “Big money coming in!”

While some have put forward the idea that Bitcoin may be heading into overbought territory, Barry Silbert, Grayscale founder and CEO remains bullish on Bitcoin’s near term potential. On Friday, Silbert tweeted:

However, Silbert has also recently stated that he agrees with Tom Lee’s analysis. The Fundstrat co-founder stated that Bitcoin “historically generates its annual performance in 10 days. Miss those 10 days and average return is -25%.”

Still, Silbert reaffirmed his bullishness during a recent interview with Bloomberg. “We’ve been through quite a rollercoaster,” he says. “Prices have gone down 80% four times, but in the past four times, the price has hit record highs afterward.

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