I see the jump, my GBTC is 100% within 12 days. This is craziest ever I have seen.
If the same craziness continues, I will sell this one GBTC as soon as on Jan 2 (hoping) as I do not want to pay tax immediately. To me, this will not long last.
Looks like wuqijun is likely be right that Cryptos will see the end in 2 months with this speed, unlike I expected 12 months.
Warning, Warning, AND Warning
Please note that I shared screen shot to show how crazy it is ! This is not posted as an invite to buy BITCOIN or Crypto-Currencies or GBTC.
Based on this, if someone buys (and later loses) and loses entire amount, it is your own risk !!
In late October, The Wall Street Journal reported that Miller’s fund had nearly a third in bitcoin and about $154 million in assets under management. At the time, the digital currency was trading near $6,000. Bitcoin has since more than tripled to above $19,000 as investor interest has grown.
Miller’s overall firm manages $2.2 billion, including separate accounts for high net worth individuals and mutual funds.
“What we’re studying is ways in which we can mitigate risk to the overall fund and the portfolio,” he said on the podcast. “It won’t be 50 percent of the fund for that much longer, which does not mean necessarily that we’re going to be selling it.”
The fund hasn’t bought other cryptocurrencies yet, Miller said, and plans to stay focused on bitcoin. “Most of those cryptocurrencies, if monetary history is any guide, will be worthless.”
However, he said his son — a portfolio manager at Miller Value Partners — has been pitching him on a coin that is holding an initial coin offering in about month which is the “first one that he’s looked at that he thinks is investible.”
Miller said on the podcast that he bought bitcoin in 2014 and 2015 for an average price of $350 each, with some below $200 and some above $500. Forbes reported in July that Miller put 1 percent of his net worth into bitcoin in 2014.
I see you’re still bitter I proved your life insurance math was wrong and there is risk if you borrow against the cash value of your policy. I’m sure if you actually sell policies then you’ll get BBB complaints and someone will report you to the state board.
Investing 1% in 2014 would have resulted in a 1000% gain today, meaning doubling your net worth. I also doubled my net worth since 2014, and I have invested in much safer assets with a much better bet at long term appreciation with a lot of peace of mind.
This reveals the vast potential for cryptos. Total valuation of cryptos are even less than many corporations. Someday, total crypto valuation may exceed Global 500 combined. How much is that growth?
They need to become useful for something more than collecting. Bitcoin transaction cost is $12. That’ll never be viable as a currency. That’s a major reason bitcoin cash was created and the split occurred. That just highlights the issues of cyrpto, since there’s no one that controls decision making. Bitcoin cash transaction cost is pennies. That’s viable as a currency.
Bitcoin can serve as a value store. All the world’s wealth can be measured in 17M bitcoins to keep the central banks honest. It’ll give people the peace of mind that their coin will never devaluate. It can serve as the ultimate store of value.
Central banks have been systematically taken people’s money away from them by printing inflation and massive cash injection and bailout. With Bitcoin, you won’t need to worry about any of those.
It’s a scheme by average joe to beat elitist monetary policy makers. No more manipulation, only honest labor.