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Grayscale Effect Fades as GBTC Trades at Record -19% Low Discount
3 hours ago by John Kiguru · 3 min read
Photo: Depositphotos
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The discount has resulted in heavy losses for some investors, but Grayscale is keen on offering the discount to attract more even traders.
The Grayscale Bitcoin Trust (GBTC) has descended into levels never recorded in its history. Data shows that the product is trading at a 19% discount. GBTC’s premium has notably failed to rise despite the firm adding $283.3 million in BTC under management earlier in the week.
Beginning Thursday, GBTC’s premium has dropped by nearly 19% according to YCharts. This is the first time in its history it has sunk this low. Additionally, it is now in its third month of negative trading. The drop in the premium comes despite the firm continued accumulation of Assets Under Management (AUM). On Wednesday, the investment firm confirmed an additional $1 billion in its AUM.
Ripple Co-founder Argues Need for Bitcoin to Switch from Proof-of-Work (PoW)
Apr 22 2021 · 12:21 UTC | Updated
5 hours ago
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On Earth day, Chris Larsen in a blog post argued why he thinks Bitcoin needs to reconsider Proof-of-Work when validating transactions. As the oldest and the world’s most dominant crypto asset, its core technology remains largely unchanged.
The world is changing and there is an increasing need for renewable energy and more energy-efficient uses. Though financially revolutionary, Bitcoin has long been one of the highest power consumers. A recent study revealed that Bitcoin consumes more power than some countries, in light of this, Ripple co-founder Chris Larsen has pointed out that the Proof-of-Work (PoW) is no longer pertinent. The billionaire points out that this was also a concern for Hal Finney, one of the earliest Bitcoin adopters and only