Grayscale Bitcoin Trust (GBTC) -- Cryptocurrency Exposure and Inflation Hedge | Horizon Kinetics 2024 Q4

Strategic Positioning in Cryptocurrency for Long-Term Value

Apr 13, 2025

Summary

Provides exposure to Bitcoin, a non-debasable asset with potential for significant appreciation.
Acts as a hedge against monetary debasement and inflationary pressures.
Risks include regulatory changes and market volatility.
Recent performance bolstered by Bitcoin's price appreciation.
Future outlook remains strong with increasing institutional adoption of Bitcoin.

In the Horizon Kinetics Q4 2024 fund letter, the Grayscale Bitcoin Trust (GBTC, Financial) was emphasized as a strategic holding, reflecting the fund's belief in Bitcoin's potential as a hedge against inflation and monetary debasement. The fund's management, led by Horizon Kinetics, has maintained a significant position in GBTC since 2017, underscoring its long-term investment thesis.

"From this point forward, our assessment is that TPL and Bitcoin are still undervalued relative to their long-term economic worth. That is not to say that choices about position size and alternative utility for some of those gains aren’t relevant to individual circumstance, but generally speaking, without reference to any specific instance, we not only continue to hold those positions, but to buy them for new accounts." — Horizon Kinetics, Q4 2024 Fund Letter

Read full letter at gurufocus Horizon Kinetics 2024 Q4 page.

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