By Tayler C - Crypto Investor - 29-09-2021
The investment banking fund has been Bitcoin (BTC) investing while prices were low. Earlier in the year, the price to buy Bitcoin had dropped below the $40K mark, becoming the best time for investors to add more BTC to their portfolios. Reportedly, the company had doubled its Bitcoin investment exposure during the crypto crackdown in the opportunity fund. Morgan Stanley's Europe Opportunity Fund had bought around 58000 shares of the Grayscale Bitcoin Trust (GBTC) on July 31, valuing around $2 million at the time. In July, the number of shares owned had more than doubled since the reported GBTC shares in April. On April 30, the fund owned 28,298 GBTC shares worth around $1.3 million at the time. The April reports come as Bitcoin's price was worth more than $50K per coin.
In comparison to April's high prices for the significant cryptocurrency, prices for buying BTC had shockingly dropped below $30K. The price fall did not last too long as by the end of the month Bitcoin prices were back up above $40K. However, there are no exact dates and times as to when the Morgan Stanley fund purchased more GBTC, but information suggests that more shares were bought during the market crash.
That being said, the Grayscale Bitcoin Trust provides shares to investors, with the share value being determined by Bitcoin's market value. Reportedly, each share is worth 0.0009 BTC, which means, as of writing, each share is worth about $39.5. Why would investors purchase the trust rather than just buy the coin itself? The Grayscale Bitcoin Trust allows clients to purchase shares that are then maintained and handles the excessive credentials for a fee, so that investors can acquire BTC without the heavy lifting.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing email@example.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to firstname.lastname@example.org from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at email@example.com Kind Regards