Bitcoin braces for a $ 500 million earthquake shock

The Bitcoin and cryptocurrency markets have swung wildly over the past week with the bitcoin price briefly rising to an all-time high in 2017.

Bitcoin rose to around $ 19,500 per bitcoin last week before a sharp correction drove it down to $ 16,000.

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Now, Bitcoin’s price has bounced back, giving a boost to other major cryptocurrencies, after a $ 200 billion asset manager revealed that it could “seek exposure to invest in bitcoin indirectly” to the tune of $ 500 million via the Grayscale Bitcoin Trust ( GBTC).

MORE FROM FORBESI Is this the real reason Bitcoin suddenly rose to an all-time high? By Billy Bambro

Bitcoin and cryptocurrency markets rose during the month of November as the bitcoin price rose … [+] All-time high in 2017 at around $ 20,000 per bitcoin.

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“The Guggenheim Macro Opportunities Fund may seek exposure to Bitcoin investing indirectly by investing up to 10% of its net asset value in the Grayscale Bitcoin Trust (‘GBTC’), a private sector investment vehicle that invests in Bitcoin.” Guggenheim Partners wrote to file with the U.S. Securities and Exchange Commission on Friday.

Guggenheim’s Macro Opportunities Fund has about $ 5 billion in net assets, which means it could invest up to $ 500 million in Grayscale’s bitcoin investing tool – but will move away from direct exposure to bitcoin or cryptocurrency.

“With the exception of its investment in GBTC, the fund will not invest, directly or indirectly, in cryptocurrencies,” as stated in the file.

The Grayscale Bitcoin Trust allows investors to trade shares in a fund containing a large amount of bitcoin, with Grayscale launching several other cryptocurrency-backed funds since the introduction of the pioneering Bitcoin fund in 2013. Investors who buy shares in the Grayscale Bitcoin Trust are gaining exposure to bitcoin without ever having to. Delve into the difficult process of buying and holding large amounts of cryptocurrency.

However, stocks are often traded in Grayscale funds for a premium on the underlying asset, and some have warned that investors may not be aware of the premium they are paying.

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Meanwhile, the Guggenheim file identifies a variety of risks associated with investing bitcoin and cryptocurrencies, including “highly volatile” prices, the “largely unregulated” nature of many cryptocurrency exchanges, and uncertain regulatory expectations.

“Cryptocurrency is a new technological innovation with a limited history; it is a very speculative asset and future regulatory actions or policies may limit, perhaps to a material negative extent, the value of the fund’s indirect investment in cryptocurrency and the ability to exchange or benefit from the cryptocurrency in payments.”

More Forbes Can Only Start Ethereum’s Mega Walk By Billy Bambro

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The bitcoin price added nearly 40% through November with the total value of all Bitcoin tokens … [+] Reaching $ 350 billion.

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New York-based Guggenheim Partners is the latest in a growing series of Wall Street giants, prominent investors and tech companies to show interest in Bitcoin and cryptocurrencies this year.

Bitcoin’s growing reputation as digital gold and as an emerging hedge against inflation pushed the bitcoin price to nearly three-year highs of $ 20,000 per bitcoin this month.

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The bitcoin price spike kicked off in November due to payments giant PayPal PYPL announcing that it plans to add Bitcoin buying and spending services, along with a handful of other major cryptocurrencies, with many in the bitcoin and cryptocurrency community counting PayPal’s acceptance of Bitcoin as a long overdue affair. Victory over the existing financial services sector.

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