$Bitcoin (BTC.CC)$$Grayscale Bitcoin Trust (GBTC.US)$ The ma...
The markets appear far more efficient on the banks of the Charles than on the banks of the Hudson.
- Fischer Black
Cryptocurrency has generally made a joke of the idea that markets are always or mostly always efficient. The efficient market hypothesis, commonly taught in introductory-level finance classes, holds that there are no free lunches in finance. However, as the late Fischer Black's widely-circulated quote illustrates, academic theories like these often collide with reality in the markets. Some current examples of obvious mispricings in the cryptocurrency markets include the large cash and carry arbitrage available in the Bitcoin futures market, and the NAV premium/discount swings of the popular Grayscale Bitcoin Trust, which has filed to convert its popular closed-end $BTC/USD(BTCUSD.CC$ fund into an ETF.
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David W Clark : I'm still learning and trying to understand more and more about all this. But I do find it very interesting to see how the traditional economic businesses, such as banks, are trying to deal with crypto money.
Leoi : Wouldn’t it be even better if btc went up to 100k! It seems like adding a little gbtc is betting on a 1.5x or 2x or 10x gain, not just 1.17x.
Rann New Leoi : oh we're playing the I want game... ok... I want the spy to go up 50% tomorrow. Who's next?