The erosion of the Grayscale Bitcoin Trust premium isn\u2019t a bad thing, it\u2019s a sign that the industry is maturing.A sight for sore eyes. (Photo by radovan on Unsplash)Sal Billings felt parched. Thirsting for nothing other than a cold one, Billings thought twice about heading to the local bar.Out here in the outskirts of Broome, Western Australia, the only beer available cost US$20 and you had no choice of brew \u2014 by way of comparison, the equivalent beer would only cost US$5 in downtown Perth, over 1,200 miles away.As a surveyor, Billings made, well, good billings, as the mining industry of Western Australia boomed in the run-up to the 2008 financial crisis.But part of the reason that workers were so well-paid in the industry was because they had to travel to remote locations, often having to stay there for months at a time before returning back to the cities from whence they came from.And the relative inaccessibility of many of these mining sites meant that even the smallest luxuries, like a bar of chocolate, could attract a substantial premium over its actual price.So has it been for cryptocurrencies, and in particular Bitcoin.The Price of AccessUntil fairly recently, the only way an institutional investor such as a pension fund or hedge fund, could buy Bitcoin, was through Grayscale Bitcoin Investment Trust (GBTC), the first publicly quoted security for Bitcoin approved by the Financial Industry Regulatory Authority.GBTC was the first, and to date the only, designated U.S. Securities and Exchange Commission reporting company which registers its shares pursuant to Section 12(g) of the U.S. Securities Act.Using a traditional investment vehicle with shares titled in the names of investors (something that simply buying Bitcoin lacks), institutional investors are provided a familiar structure for financial and tax advisors to deal in and with Bitcoin,\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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