I now hold Bitcoin in my Roth IRA, purchased from Ameritrade.
No different than buying any other stock. (OK, pink sheets, so you must use limit orders, but you get the idea.)
I've waited years for this day! Can't wait to see what happens next.
I miiiiight have a bit of a bullish bias here ;-)
Is this with or rather through a self-funded roth ira? Sorry, I'm not overly familiar and just wanted to pick your brains a bit. This seems, well frankly, like an amazing vehicle for preserving growth.
So, if I understand correctly, you would have deposited up to $5500 for the year of contributions or how ever little; then you just bought the individual shares.
The money you've spent on this has already been taxed. So, assuming it is a qualified withdrawal; if you bought basically a coin at $420, if at the time it is withdrawn, the coin/share is now worth $1,000; you do not pay taxes on that $580 increase in value? And likewise; if the coin is worth say $32,000... you wouldn't pay tax on that additionally $31,000 in appreciation assuming it's a valid withdrawal?
That seems almost to good to be true lol. How is this not amazing!? lol?
To my knowledge, that is correct. (Consult your own accountant, blahblahblah disclaimer).
It is why I have been waiting for this day for years.
Anyone with retirement funds can now buy Bitcoin.
The faucet JUST opened, and the supply is not yet even a dribble.
It is simply unbelievable that $133.7 could be used to set an all time high.
I so badly wish it was represented on the charts.
It's showing
133.70 now. EDIT: Make that $175.00.
http://www.otcmarkets.com/stock/GBTC/quoteSo... who is still on a bear side?
bid side: 45$ top.
plus anyone could explain the hell is "Each GBTC share represents ownership of
approximately 0.1 bitcoin" supposed to mean? is one share 1/10th of an
bitcoin or not?
They own a certain number of shares.
Market participants can buy or sell the stock, knowing that they have X amount of underlying bitcoins as value.
When the stock price goes up such that the value exceeds 0.1 times the market value of Bitcoin per share, BIT can purchase additional shares.
The net value of the fund would then change. But it does not remain in perfect lockstep with the ratio. So it is approximate.
The listings are still wonky.
When my 100 GBTC sale sold 7 at the all time high ($133.7 each), the funds transferred, yet the full 100 showed as for sale.
When 10 more sold, the listing disappeared.
Yet there are still 84 GBTC for sale at $133.7.
I don't even see my orders showing in Level II data, yet it appears within my trading account as a posted Ask.
Some on ToF have speculated that some of the chart data is not yet refreshed.
I'm hopeful such an update occurs. I believe this is the most likely explanation. Because when I initially bought, 100 shares were at $42, but I also bought one at $46. Yet the trading accounts still show $42 as the high for the day.
Maybe we'll find out tomorrow.
Made 2 test posts (user:test), couldn't delete. Consider adding delete functionality.
