Bitcoin (BTC), the leading crypto on Grayscale’s Bitcoin Trust (GBTC), has dropped to four digits. Meanwhile, former BitMEX CEO Arthur Hayes said he is ready to buy Bitcoin at $10,000. Robert Kiyosaki, the author of the personal finance book ‘Rich Dad, Poor Dad’, stated that he is not worried about BTC. Keep reading us for details…
Grayscale’s Bitcoin price drops below $10,000
Bitcoin slid into four digits on Grayscale’s Bitcoin Trust (GBTC). Leading crypto Bitcoin has dropped to about $ 9,000. After an ever-expanding discount of 42% at one point, it’s currently picking up a bit. But on Grayscale, BTC is still trading at the last bearish level. One GBTC share is currently going for $9.69. That’s 0.00091517 BTC worth about $9,700 for 0.91 BTC.
Adding the extra 0.09 BTC at around 40% off brings the current BTC price in GBTC to $10,500. By comparison, the global price is $16,650. That makes the current discount of 37%, or a sizable $6,000. However, this situation has been going on for months. GBTC did not improve and got worse.
This is because since February 2021, only 20,000 of the 630,000 Bitcoins currently in custody have been withdrawn, while you cannot easily arbitrage the shares by converting them to BTC. cryptocoin.com As you follow, Grayscale applied to the SEC to convert the fund into an ETF. However, the SEC refused. So they sued the SEC, and the case is likely to take another year or two.
Meanwhile, it is possible that at least some market participants will find these four-digit prices attractive. Because if no ETF is approved in the US still, there is a possibility that it will turn into a premium in a few years. This is partly due to the fact that US-based institutional investors seem to prefer GBTC, although there are currently a large number of free-floating ETNs and ETFs in Europe and Canada. But for now, the market thinks otherwise and finds GBTC far less attractive than Bitcoin itself.
Arthur Hayes ready to buy Bitcoin at $10,000
In a recent tweet, former BitMEX CEO Arthur Hayes said he is ready to buy Bitcoin at $10,000. Meanwhile, Hayes correctly predicted that the Bitcoin price would drop to $15,000 on November 8. At that time, the leading crypto was trading above $19,000.
On November 9, Bitcoin hit $15.623, its lowest level since November 2020. Fundstrat recently made a similar prediction, saying that BTC will fall back into the four-digit region. This marks a drop of more than 85% from the record level. This means that it is in line with the declines from the previous high to the low point.
Kiyosaki stresses that Bitcoin (BTC) is ‘no problem’
According to Robert Kiyosaki, author of the personal finance book ‘Rich Dad, Poor Dad’, there is nothing wrong with Bitcoin. He also says that it is exciting for the price of Bitcoin to drop to around $10,000. However, it is not a concern about the current price action of BTC. In this context, Kiyosaki shared the following:
Bitcoin? Worried? No. I am a Bitcoin investor as I am a physical gold, silver and real estate investor. I am not a trader or a day trader. When BTC hits new low, from $10k to $12k? I will be excited, I will not worry.
