Market Overview

Ex- SEC Commissioner Suggests Owning Shares Of Companies That Use Bitcoin But Not The Currency Itself

Share:
Ex- SEC Commissioner Suggests Owning Shares Of Companies That Use Bitcoin But Not The Currency Itself
Related
Fannie Mae And Freddie Mac Saw Massive Increases In Trading Volume In January
Dollar Trading Volume On The OTC Markets Hit $375 Billion In 2018

It’s been a rough month for bitcoin investors. The price of a bitcoin dropped another 7 percent Thursday after one of the biggest Chinese exchanges is closing its doors. On Thursday, BTC China tweeted that it will cease operations at the end of the month as the Chinese government ramps up its crackdown on cryptocurrencies.

Bitcoin prices topped $5,013 earlier this month but were trading at around $3,600 early Thursday, down more than 28 percent from their peak.

To make matters worse, some big names on Wall Street have blasted bitcoin and the cryptocurrency market this week.

“It’s worse than tulip bulbs,” JPMorgan Chase CEO Jamie Dimon said Tuesday. “It won’t end well. It will blow up.”

Arthur Levitt, former commissioner of the U.S. Securities and Exchange Commission, said that just because the cryptocurrency markets are wildly speculative at the moment doesn’t mean cryptocurrencies are going away.

“It’s here to stay because of the disparity between countries where a monetary system is robust and countries where there is virtually no monetary system, this comes up as an alternative currency,” Levitt said.

Levitt said he would avoid investing directly in bitcoin due to its wild price fluctuations that are “hard to understand.” However, he said he would consider investing in companies that use or trade in bitcoin.

September has certainly taken its toll on the Bitcoin Investment Trust (OTC: GBTC). The ETF is now down 43.7 percent since Sept. 1.

Bitcoin rival Ethereum isn’t faring much better lately. After trading above $400 earlier this summer, the price of ether dropped another 15 percent on Thursday to around $232.

Related Link: 4 Ways To Trade Bitcoin

Latest Ratings for GBTC

DateFirmActionFromTo
Feb 2018BuckinghamInitiates Coverage OnSell
Jul 2015WedbushInitiates Coverage onOutperform

View More Analyst Ratings for GBTC
View the Latest Analyst Ratings

Posted-In: Analyst Color Cryptocurrency Specialty ETFs Forex Top Stories Markets Analyst Ratings ETFs Best of Benzinga

 

Related Articles (GBTC)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
SIXKeyBancDowngrades0.0
CBBMorgan StanleyUpgrades10.0
GDCredit SuisseDowngrades184.0
GEOJP MorganDowngrades26.0
TRUERBC CapitalDowngrades0.0
View the Latest Analytics Ratings
Don't Miss Out!
Join Our Newsletter
Subscribe to:
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
Your weekly roundup of hot topics in the exciting world of fintech.
Thank You
for registering for Benzinga’s newsletters and alerts.
• The Daily Analysts Ratings email will be received daily between 7am and 10am.
• The Market in 5 Minutes email will be received daily between 7am and 8am.
• The Fintech Focus email will be received every Friday between 2pm and 5pm.

Awaiting A Better Entry Point Around $33, BMO Initiates Floor & Decor At Market Perform

Tenet Healthcare Said To Be Exploring Sale: How Far Is Management Willing To Go?