Bitcoin enjoys end of year price surge

Comments: Bitcoins are a form of digital currency and can be bought and sold OTC on various independent exchanges. There is no exchange traded fund or products for bitcoin listed on major exchanges. The Winklevoss twins (from the fabled Facebook story) are working on getting a Bitcoin ETF off the ground. Grayscale Bitcoin Investment Trust (Ticker: GBTC), listed on OTCQX, is currently the only Bitcoin ETF traded in US. Being an OTC stock, it is thinly traded. However, it is currently trading around 20% premium to the underlying Bitcoin price.

Bitcoin trading have matured rapidly in recent years with OTC exchanges springing up worldwide offering spot, futures, options and margin trading on Bitcoins with a myriad of funding and withdrawal options. At the current price of US$880, the value of Bitcoins in issuance (market capitalization) is around US$14 trillion.

The value of the Bitcoin virtual currency has hit a three-year high with each one now worth about $900 (£730).

At the start of 2016, single coins were only worth around $435 but their value has climbed steadily all year.

The steady upward progress has continued despite regular hack attacks on virtual currency exchanges in which coins have been stolen.

Experts said the rise in value was linked to the long-term depreciation of the Chinese Yuan.

Link: Bitcoin enjoys end of year price surge
Link: Five Reasons the Winklevoss Bitcoin ETF Should Be Approved
Link: GBTC on OTCQX
Link: The Internet of Money