Quick check in on GBTC who started the year with 619k bitcoin in custody and are down to 218k.
Winners or losers? They have lost custody of 400k bitcoin since converting to an ETF because they didn’t lower their 2% annual fee.
619k BTC spitting off 2% per year when BTC was 40k per in January meant they were running at a $495 million annual revenue run rate if nothing changed.
To not lose any BTC, they would have had to lower their fees to ~0.25% which would have meant a $151 million annual revenue run rate at BTC’s current $98k price.
They only lowered their rate to 1.5% and lost 2/3 of their BTC. But BTC did go up to $98k. So they are a current run rate of $320 million.
They lost 2/3’s of their BTC and doubled their money!
Looking like winners right now, especially if:
1. They bought BTC with those “extra proceeds”
2. These last 218k BTC are “sticky” and keep sending back 1.5% fees into the future.
Ok - that one looks dope. Wouldn’t have immediately recognized it as a Land Cruiser.
SHIT, ITS CONTAGIOUS!!
nostr:note18n0wvzp23k4p27y486zmtzveeldct2zyaktgg2p9qyt5jyuq5ndse2qxr6
TLDR: “rich people” who get desperate and borrow tens of millions at 20%+ interest rates find out it’s a bad idea and lose their collateral.
Something must be done!
I’m writing a new book called “I Told You So”.
Available on NOSTR soon.
Wait, that’s the whole book. You’re welcome. Please zap to reimburse me the value you received reading my free opus.
everything in its right place https://cointelegraph.com/news/justin-sun-paid-6m-for-banana-art-eat-it
I’m offering a tomato and some Velcro for 2 BTC. DM me for address.
I’m 40 days away from 100/day for 4 years. I’ve got you covered.
Your terms are acceptable
nostr:note1zrfgp00zal37ahamesg7hpxwyztg8yhh0w9xcmktcpxdxrksu9hsh6lx0l
I believe you, but I go to Hawaii every year and have never seen this.
Smells like… victory.
There is one other Bitcoiner at my company that I uncovered last year. He’s retiring now and nobody else can understand why. So hard not to tell people “it’s because he bought bitcoin like i told you to do”.o
Say what you want about Saylor, but he is putting billions of dollars into Bitcoin and daring the rest of the world to catch up. He is the gas in the current FOMO machine.
Always a chance it ends badly for him/shareholders, but what a tailwind for BTC. ~$7 billion in acquisitions this month, yes?
I feel ya. If you’re gonna go, go all the way. Good steakhouse, great cocktail, awesome steak and good company. Trust a pro to cook that good meat