The Bitcoin Game #23 – Mainstream Investing with the Bitcoin Investment Trust

n today’s episode I speak with Michael Sonnenshein, director of Sales & Business Development for Grayscale, one of several companies founded by Barry Silbert. Based on Grayscale's first quarter financials, the total number of Bitcoin Investment Trust shares sold was approximately 1.41 million, which has a value of over $37 million dollars (at the current rate of $265/Bitcoin).

5 Comments on The Bitcoin Game #23 – Mainstream Investing with the Bitcoin Investment Trust

  1. Nice correction from the price rise over the last month or so, I picked up
    2.6 more bitcoins at 225 each. No need to be an accredited investor, lol, I
    just pop open my coinbase account and make the purchase.
    Good to see bitcoin starting to become available to conventional investors
    though. The more the merrier. Still, I prefer to hold my own coins rather
    than trusting a 3rd party.
    I couldn’t qualify for this anyway, I don’t even own 25k in bitcoins. I’m
    just a working class guy.

  2. wow… is this bitcoins killer app…? – a centalised fund, where you dont
    actually hold your private keys, that introduces 3rd party risk and you
    hope the the underlying asset is actually there, which has many
    restrictions, and a 2 percent management fee, sold by a slick former
    banker…shoot you an email..?!?! – i’d rather shoot myself in the head!

    • +luke townley
      *>and a 2 percent management fee, sold by a slick former banker…shoot you
      an email..?!?! – i’d rather shoot myself in the head!*
      LOL! I don’t think we’re the target customer for this guy, but it’s
      interesting anyway. The only useful thing I can see about having stock
      market bitcoin funds is for an IRA, so you can shelter the income from
      taxes. Anyway I’m happy to see more on-ramps to bitcoin appearing in the
      conventional stock market. It will help pump the price up and increase
      interest in bitcoins. And over the next few years as we enter this next
      recession, money is going to be fleeing the conventional market and some of
      that money may find it’s way into bitcoin.

    • +Vention1MGTOW yeah, it will be intereresting to see where the money flows.
      i’m not sure this is a genuine on-ramp, as i don’t remember him mentioning
      you could actually withdraw bitcoins… mt-mt-mt-gox-ox-ox-ox-ox…seems
      more like a derivitive to me and another way of inflating the the stock of
      ‘bitcoins’ thus diluting the price. his whole idea seems like its looking
      backwards rather than forwards – i mean what s the point when it strips out
      all the benefits of blockchain technology and needlessly inserts another
      crony middleman? i mean is the fund is actually audited to ensure it has
      the bitcoins it says it has? why not use the auditing power of the
      blockchain inherant in the protocol. its like the whittle brothers
      inventing the plane and somone saying ”i know lets pull it around with a
      horse” *facepalm*!
      I’d be more excited about regular stocks floating on a blockchain
      stockmarket and clearing system, like what patrick burn (overstock.com) is
      doing – i think its called ‘medichi’. if you’ve seen ‘deepcapture’ by
      patrick burn you’ll understand why its needed.

    • +luke townley
      *>if you’ve seen ‘deepcapture’ by patrick burn you’ll understand why its
      needed*
      I’ve seen the short version and I know what you mean. I’ve also been aware
      that a bitcoin stock fund could have a lot of criminal BS pulled on it in
      order to manipulate the market.
      As these funds start to hit the market, it’s like the wild west all over
      again but eventually they’ll have to show proof of the bitcoins they hold
      or they’ll lose their customers. But right now, anything goes I suppose.

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