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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 414.47+0.7%Jan 9 4:00 PM EST
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To: TobagoJack who wrote (169165)3/5/2021 8:58:15 AM
From: Julius Wong  Read Replies (1) of 219238
 
Bitcoin roundup: Goldman survey, Microstrategy buys the dip, Grayscale discount widens
Mar. 05, 2021 8:32 AM ET Bitcoin USD (BTC-USD) By: Stephen Alpher, SA News Editor 9 Comments

Bitcoin ( BTC-USD) overnight fell as low as $46.5K after having climbed to nearly $51K earlier in the day. The selloff in crypto came alongside some panicky action in the stock market, and rising bond yields. Prices have recovered a bit, with bitcoin currently changing hands at $47.8K.

Goldman Sachs surveyed its clientele, finding 40% have exposure to cryptocurrencies, with 61% of that group expecting to boost their holdings in the next 12-24 months.

Nearly one-quarter of respondents predict the price of bitcoin will be over $100K in one year.

Meanwhile, Microstrategy (NASDAQ: MSTR) bought yesterday's dip, announcing the purchase of 205 bitcoins for $10M at an average price of $48.9K each. That's but a pittance compared to total company holdings of 91K bitcoins purchased at an average price of $24.1K each.

The Grayscale Bitcoin Trust ( GBTC) now trades at more than a 10% discount to its underlying NAV - its widest-ever discount as other competitors enter the market.
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