1/ Thread explains the rationale for $GBTC over #bitcoin. (Speaking from experience, but not necessarily an endorsement of GBTC):

2/ $GBTC fills a need and is designed to permit exposure to #bitcoin for professional, registered investment advisors in the US. Money managers have unique circumstances compared to individual investors.
3/ #Imagine you are an investment mgr with 250 client accounts (an average-sized separate account manager would have 400). Owning #bitcoin means setting up another 250 accounts - major work with not a lot of reward. If you want to rebalance (stocks/bonds/bitcoin)...
4/ you have 250 transfers to make. Doubles admin workload, makes operational life very complicated. Lots of work for a 5-10% allocation (or less!) to $BTC.
5/ Client reporting is a nightmare. 2 sets of custodian statements not easily combined... A typical client already has 3 accounts, now it is 6 accounts & 6 statements, and there are few software feeds to consolidate data from #crypto exchanges into traditional portfolio reports.
6/ Tax advantages: $GBTC can be held in an IRA, tax deferred. Over long run, you get most of the $BTC return with far less tax liability, usually a net positive.
7/ Regulatory simplicity: some state and federal regulators hate #bitcoin. They can halt an investment advisor's operations on that basis, or at least make life hell. $GBTC is a stock. Regulators may not like it but if advisor is within the law there is nothing they can do.
5/ So for a registered investment advisor, $GBTC is a #bitcoin wrapped in equity, which makes it equity. This solves lots of problems and creates some benefits in a financial industry that is not yet aligned (operationally and regulation-wise) to accommodate BTC.
6/ And that is why investors pay a premium for $GBTC too. It greatly simplifies holding #bitcoin in a traditional portfolio. Don't knock GBTC - anything which facilitates adoption is good for bitcoin. GBTC allows exposure to BTC that would not otherwise exist.
7/ If you're an entrepreneur, there are many opportunities also: for example, a data feed from #crypto and stock brokers that did consolidated reporting: advisors would love this, you could make bank. Also...
8/ a low-cost competitor to https://t.co/KL1iFmiXDf would also be a help. Lots of money to be made in that space ($ billions), especially as boomers transfer their retirement wealth to GenX/GenY.

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I will be a buyer under 13800 levels, but depending upon the reversal on smaller timeframe.

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🌿𝑻𝒉𝒆 𝒔𝒕𝒐𝒓𝒚 𝒐𝒇 𝒂 𝑺𝒕𝒂𝒓 : 𝑫𝒉𝒓𝒖𝒗𝒂 & 𝑽𝒊𝒔𝒉𝒏𝒖

Once upon a time there was a Raja named Uttānapāda born of Svayambhuva Manu,1st man on earth.He had 2 beautiful wives - Suniti & Suruchi & two sons were born of them Dhruva & Uttama respectively.
#talesofkrishna https://t.co/E85MTPkF9W


Now Suniti was the daughter of a tribal chief while Suruchi was the daughter of a rich king. Hence Suruchi was always favored the most by Raja while Suniti was ignored. But while Suniti was gentle & kind hearted by nature Suruchi was venomous inside.
#KrishnaLeela


The story is of a time when ideally the eldest son of the king becomes the heir to the throne. Hence the sinhasan of the Raja belonged to Dhruva.This is why Suruchi who was the 2nd wife nourished poison in her heart for Dhruva as she knew her son will never get the throne.


One day when Dhruva was just 5 years old he went on to sit on his father's lap. Suruchi, the jealous queen, got enraged and shoved him away from Raja as she never wanted Raja to shower Dhruva with his fatherly affection.


Dhruva protested questioning his step mother "why can't i sit on my own father's lap?" A furious Suruchi berated him saying "only God can allow him that privilege. Go ask him"