Why Grayscale Bitcoin Trust Surged Today
Shares of Grayscale Bitcoin Trust (OTC: GBTC) jumped 14% on Wednesday, as the price of bitcoin climbed back above $8,500.
Bitcoin's price appears to be rallying ahead of "the halvening." The halvening will cut the popular cryptocurrency's mining rewards in half, in a process designed to slow the rate of new bitcoin creation until its maximum supply is reached. (Only approximately 21 million bitcoins will ever be created.) The halvening should help to highlight bitcoin's attractive supply dynamics -- at a time when governments around the world are printing their fiat currencies at an unprecedented rate.
The halvening is expected to take place on May 12.
Source Fool.com
