Institutional Investment in Bitcoin (BTC) NYDIG has sharply reduced prices for investors who use it to influence the price movement of BTC.
In a press release dated March 24, the company confirmed that the access fee was almost immediately reduced to 0.3%.
Bitcoin buyers choose their payments
The move comes just days after NYDIG FS Select NYDIG Bitcoin Fund became one of three products Morgan Stanley chose to offer its wealthy institutional customers.
A potentially timed maneuver, the tax cut could have implications for competitors, particularly the Grayscale Bitcoin Trust (GBTC), which currently requires a 2% commission from customers.
“NYDIG’s new pricing structure is 50-75% lower than passive access to Bitcoin products available to investors, and, very importantly, 0.30% represents the fund’s true overall consumption rate, including statutory fees for auditing, custody and accounting. “, – said in a press release.
As Cointelegraph reports, competition from beginners is one explanation for why the GBTC premium – the amount additional customers pay for Bitcoin’s impact on the highest net worth – fell in record negative territory this year.
At one point, the premium offered a 15% discount on the spot price of GBTC shares. As of March 16, the last date on which data is available, it has recovered to about -5.3%.
Undermining access to gold
Still, NYDIG executives built on the sense of anticipation that CEO Robbie Gottman created in a recent interview. Prior to Morgan Stanley’s announcement, Gottman said there will be a large number of “game-changing” moves in the business area in the coming weeks.
Founder and CEO Ross Stevens commented on the statement: “Costs matter, and this will not be the last cut in fees.”
“ Besides, as the benefits of Bitcoin over safe money are becoming more and more understood, I think the weakening of the US dollar beyond the market value of Bitcoin for gold is only a matter of time, so it’s quite fitting that NYDIG has now reached the total cost of arrival of Bitcoin. 25% less than the total cost of obtaining gold. ”
Investors fell into gold again this week when CNBC host Jim Kramer admitted that he was “disappointed” with the performance of precious metal. He said that Bitcoin, on the other hand, made “a lot of money” on it.