GBTC is hitting the wires hard and people are panicking. Are you retarded? People are crying over 98% losses today. How can you invest your money and NOT be aware of what is going on with GBTC today?
So why is GTBC “down 98%” today. Well, because it is not. Don’t be retarded.
Actually, this price action just made it a lot easier to invest in bitcoin without actually buying the digital currency.
Shares of GBTC imitate the price of bitcoin through its ownership of 0.09 BTC per share, just underwent a 91-for-1 split over the weekend.
The goal of this was to make the stock more accessible to the masses. Make sense now? It was a big split.
The company announced the split in January, when the stock was trading at more than $1,000.
Now, shares of the investment trust are trading at a much more affordable $19. The split didn’t affect the company’s market value, which remains just above $3 billion.
Shares of GBTC gained roughly 1,700% in the past year. Bitcoin is up 1,659% in the same period.