> If. We don't know 'if'. A BTC black-hole being cheaper than bitcoin is not that surprising. Your theory doesn't match reality. GBTC was trading at a premium

> If. We don't know 'if'. A BTC black-hole being cheaper than bitcoin is not that surprising. Your theory doesn't match reality. GBTC was trading at a premium a few months ago. I personally believe GBTC is just able to predict the future direction of BTC. It is easier, and more convenient, for most people to speculate upon the value of BTC using GBTC. When the market thought it was going up, it bought GBTC at a premium. Now that the market thinks it is going down, it sells GBTC at a discount. -------- GBTC, as a basket of BTC, is more open and honest than using pseudo-baskets, like MicroStrategy, to speculate upon the price of cryptocurrencies. The general stock market wants to play speculation games, with GBTC, BITI, MicroStrategy, and maybe even Tesla a little bit (sure there is a car company attached but everyone knows Tesla has a large BTC holding).