Back in 2013, Bitcoin surged to over $1,200 just before Mt. Gox got hacked and the whole house of cards came crumbling down — bitcoin included. Then the Winklevoss Twins stepped in, along with other high profile venture capitalists, and the price has been supportive ever since.
The value of bitcoin, as a market cap, is anywhere from $15-19 billion now, a new record high. But the actual price value is still a solid $175 away from the 2013 levels.
BTC are higher by an astonishing 6% this morning.
In other words, the whole thing is a giant scam, one they could easily fall victim to those genius Russian hackers. In spite of the Winklevoss Twins hardly knowing how to do anything g right, rowing included, their timimg on bitcoin was perfect — almost too perfect.
According to public record, the twins bought $11 mill worth of Bitcoins when the price was $260. Then the price collapsed to $120 and then the leader of fake news, Washington Post, said they owned $40m worth of them, or 1% of all bitcoins. In other words, if they held, the current value of their pyramid scam currency is anywhere from $40 to $160m.
Fuck me.
The share price of the bitcoin ETF, $GBTC, will surge on the open.
All aboard the Bitcoin bus. I’m reversing my earlier call to only buy Bitcoins and avoid GBTC. If GBTC is the only way for you to get exposure short term then go for it.
I think we’re clear to $1400 with a pause as we reach parity with Gold.