The upshot: A blend of stocks, bonds and bitcoin has outperformed stocks and bonds. Let’s say, for whatever reason, you couldn’t own spot bitcoin and only had access to the Grayscale Bitcoin Trust (GBTC). The GBTC currently trades at a 35% discount to its net asset value (NAV), has lagged the spot price of bitcoin, and has a 2% management fee attached to it. We will use it as the proxy given the wide availability of its ownership – again, spot would only improve the following figures. (Disclosure: Grayscale is a wholly owned subsidiary of DCG, which is also CoinDesk’s parent company.)
