Shorting Bitcoin (2021)

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4 points·ronyfadel··2 comments

In Canada there is an ETF with the stock symbol BITI, this is probably the safest way to short BTC.

It is important to keep in mind that any unleveraged short position can only see gains of double your investment, where as going long on an investment has no such limitation. in most cases it is far better to obtain an undervalued asset such as silver or gold currently are than to bet on an over valued asset correcting.

That being said, with the current state of BTC and the upcoming death cross, and the general liquidity of BTC... I personally will be buying some BITI(Approximately 2K CAD worth in fact) when the markets open in ~2 hours from now.

I plan on exiting my BITI position this Friday when I believe the market will have shaken out a few more Hodl'rs and there will be upward pressure from buyers again. I will go out on a limb and predict a 32K BTC value on Friday's open but in any case I will provide an update on this thread if allowed to how this worked out for me.

**Update**

I purchased 128 shares @ 15.72 CAD which had an exchange fee of $0.44 CAD this totals 2012.60 CAD, up or down I will share the sell value and costs on Friday!

So I have decided not to sell my position ATM but feel it is only fair to report that currently I have a loss of $156.16 + whatever the selling fee is.

I made a critical mistake in placing a market order instead of a limit order when I purchased this and ended up overpaying about $0.80 per share but even so I would still be down.

I may be making another error by holding this over the weekend, I guess we will see on Monday!

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