Bitcoin News of News For Bears and Bulls

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The Grayscale Bitcoin Trust (GBTC) has announced its intentions to eventually become an ETF, stating: “In recent months there’s been a growing number of questions around the possibility of a Bitcoin ETF in the US, and we’d like to take the opportunity to provide clarity and context on what such a development would mean… First and foremost we wish to make clear: we are 100% committed to converting GBTC into an ETF.” GBTC has seen a discount recently following years of a premium on its share equivalent of bitcoin’s price. That’s in great part due to restrictions whereby minted GBTC shares can’t be sold for six months, so creating the potential of diverge between spot and share price. An ETF would allow for a direct tracking of bitcoin’s price, something that would make GBTC very uncompetitive. Hence they have little other option but to become an ETF once SEC gives…

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