Guggenheim, Grayscale and Bitcoin

Guggenheim Partners may be the next big player to bet on Bitcoin.

As FOMO continues to pump froth into Bitcoin, that institutional shill Roubini fails to disappoint by reciting in public his standard mantra that Bitcoin has no value. Notice that he also let his ignorance slip by calling BTC a POS coin - I think he meant Proof of Stake.

As always, try to understand the game to profit from it. It is not the "inherent value" that is important but the game itself - casino chips also have no inherent value.

There is, however, some reality to the news as this SEC filing shows,

Exposure to Cryptocurrency:Cryptocurrencies (also referred to as “virtual currencies” and “digital currencies”) are digital assets designed to act as a medium of exchange. The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”), a privately offered investment vehicle that invests in bitcoin. To the extent the Fund invests in GBTC, it will do so through the Subsidiary. The risks associated with exposure to bitcoin are described below.

It then mentions nothing about the risks in BTC itself but rather the risks in investing in its own unregulated Subsidiary in the Cayman Islands. Note it describes Bitcoin as a "medium of exchange".