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Why Bitcoin Continues to be on The Top of Its Game

Despite scaling issues with Bitcoin, it is still
considered the leading cryptocurrency in the world. It continues
to surge and expand as investors get enticed by the possibility
of massive gains in a short period of time. Even more promising
are Bitcoin’s long-term prospects.

Bitcoin keeps on surging

Investors love Bitcoin because it has been providing a
significant and fast return on investment. They have been
scrambling to get their hands on Bitcoin, or to gain exposure
to it through the Bitcoin Investment Trust. The Bitcoin
Investment Trust trades publicly under the GBTC symbol and
offers investors exposure to Bitcoin without the challenges of
acquiring and storing the currency.

Bitcoin is currently trading in the $4,000 range. According to
a recent presentation made by the Bitcoin Investment Trust, as
of July 31 each share of GBTC represented 0.09258535 Bitcoin.
GBTC is currently trading at about $684 per share, equalling
about a 41.5% premium..

Even if there is a high premium, investors are willingly paying
it along with the annual 2% fee. In the July 14th filing of
Registration Statement No.
333-215627
, GBTC explains the reason its shares are in such
high demand. The filing states:

“[GBTC is the] only publicly-quoted investment vehicle that
seeks to provide passive exposure to Bitcoin.”

Investors are winning with Bitcoin

Some may believe that GBTC’s premium and annual fees are too
high, and choose to purchase and hold Bitcoin directly. Either
way, there’s no doubt that Bitcoin has brought its investors
much profit this year.

Demand continues unabated, as Google Trends shows searches for
“Bitcoin” are at an all time high. This could be partially
explained by analysts such as Ronnie Moas, who has speculated
that Bitcoin may soon exceed $7,500. Others, like legendary
trader masterluc, are even more optimistic, citing a near-term price of $15,000 per
Bitcoin
.

Source : https://cointelegraph.com/news/why-bitcoin-continues-to-be-on-the-top-of-its-game

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