Market Overview

Andrew Left Is Bearish On Bitcoin Investment Trust

Share:
Andrew Left Is Bearish On Bitcoin Investment Trust
Related
Today In Cryptocurrency: Japan Money Laundering Crackdown, Market Flooded With ICOs
Today In Cryptocurrency: Blockchain-Powered Journalism, Congress Must Disclose Crypto Investments
Crypto bits: McAfee stops and starts, Bitfinex exec exits, compliant token (Seeking Alpha)

On CNBC's "Fast Money" Thursday, Andrew Left said he took a short position in Bitcoin Investment Trust (OTC: GBTC).

He is bearish because the net asset value of the investment trust is twice the amount of the underlying Bitcoin. There are other things that Left sees as negative signs and one of them is the fact that it doesn't even have insurance for Bitcoin. The trust also doesn't offer a guarantee that its owners are going to get a distribution of Bitcoin cash.

See Also: 10 Most Ridiculous Cryptocurrencies

Left took a short position recently and he decided to hedge a half of the position.

The GBTC closed Thursday at $1,005, up more than 8 percent.

Posted-In: Andrew Left CNBCCryptocurrency Short Sellers Short Ideas Markets Media Trading Ideas Best of Benzinga

 

Related Articles (GBTC)

View Comments and Join the Discussion!