Been just buying OTC:GBTC instead of bitcoin. Grayscale Bitcoin Trust. $1.9 billion of bitcoin assets under management. Moves with bitcoin. Hit a high of around $38/share on the 12/2017 bitcoin run to 20k. Started buying at $7.20. Closed today at 13.55. Bought bitcoin on the first runup and held longer than normal because of the high transaction fees. Probably lower now, but I trade stocks for a living, so this is more in my wheelhouse. GBTC is $4.99 to trade, like any other stock on TDAmeritrade. If it hits my stop, I'm out immediately and could buy right back on a bounce. Already swinging a decent amount. Wired funds today, won't be available until Monday. Was hoping against hope that bitcoin would wait until Monday to break 10k so I could add 1800 shares to get to my final position size and hopefully swing it for 1 year. Need a pullback, don't want to buy into a spike. When bitcoin first broke $10k on the 2017 run, there was a pullback from around 11,500 to around 8500 before it bounced right back and ran to $20k. Hoping for something similar, these things have a tendency to repeat themselves.
Warren Buffett says, “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”. Putting all my buckets out - and then some. Pushing them all to the middle of the table. Did well on the last bitcoin run with bitcoin, ethereum, ripple, and EOS, but this is the move I've been waiting for. I think bitcoin is going to smash the old highs. Will either be sitting on the 50 yard line for the rest of Mahomes's career, or be watching him in sports bars while drinking ice tea for the rest of his career.
And this isn't investment advice. It's borderline insane. [Reply]
Originally Posted by JohnnyHammersticks:
Been just buying OTC:GBTC instead of bitcoin. Grayscale Bitcoin Trust. $1.9 billion of bitcoin assets under management. Moves with bitcoin. Hit a high of around $38/share on the 12/2017 bitcoin run to 20k. Started buying at $7.20. Closed today at 13.55. Bought bitcoin on the first runup and held longer than normal because of the high transaction fees. Probably lower now, but I trade stocks for a living, so this is more in my wheelhouse. GBTC is $4.99 to trade, like any other stock on TDAmeritrade. If it hits my stop, I'm out immediately and could buy right back on a bounce. Already swinging a decent amount. Wired funds today, won't be available until Monday. Was hoping against hope that bitcoin would wait until Monday to break 10k so I could add 1800 shares to get to my final position size and hopefully swing it for 1 year. Need a pullback, don't want to buy into a spike. When bitcoin first broke $10k on the 2017 run, there was a pullback from around 11,500 to around 8500 before it bounced right back and ran to $20k. Hoping for something similar, these things have a tendency to repeat themselves.
Warren Buffett says, “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”. Putting all my buckets out - and then some. Pushing them all to the middle of the table. Did well on the last bitcoin run with bitcoin, ethereum, ripple, and EOS, but this is the move I've been waiting for. I think bitcoin is going to smash the old highs. Will either be sitting on the 50 yard line for the rest of Mahomes's career, or be watching him in sports bars while drinking ice tea for the rest of his career.
And this isn't investment advice. It's borderline insane.
You’re right, it is insane. If you believe in Bitcoin/Crypto, buy that and a hardware wallet, not GBTC. [Reply]
Originally Posted by Jewish Rabbi:
You’re right, it is insane. If you believe in Bitcoin/Crypto, buy that and a hardware wallet, not GBTC.
Been there, done that. Have absolutely nothing against it. This is what's best for me. I do appreciate the advice. Sincerely.
In investing/trading, always do what works best for you, don't take other people's advice. Assuming that you've put in the time (years), of course. It took a lot of expensive lessons for me to learn that. [Reply]
Originally Posted by JohnnyHammersticks:
Been there, done that. Have absolutely nothing against it. This is what's best for me. I do appreciate the advice. Sincerely.
In investing/trading, always do what works best for you, don't take other people's advice. Assuming that you've put in the time (years), of course. It took a lot of expensive lessons for me to learn that.
Curious why it didn’t work for you if you care to expand? Not trying to talk you into anything, just wondering. [Reply]
I did work for me, that's why I have nothing against it. I trade for a living and like the liquidity of GBTC. I'm in-and-out in a flash. The only caveat is that GBTC is an OTC, so you can't trade it outside of normal market hours. The first few weekends I held a lot of GBTC aged me in dog years, especially the weekend bitcoin flash crashed down to 6600 briefly. Now I'm using house money, so it's nowhere near as stressful.
If this trade works out the way it's intended to, after I hold for a year, I'll sell and buy some actual bitcoin. I already have wallets for bitcoin, ethereum, ripple, and a few other alts. [Reply]
Waiting for the inevitable crash back below $10k to shake out the chasers. When it will come is anybody's guess, but it's almost certain to happen. [Reply]