Remind me again what % the Lira has lost this year, and what % BitCoin has lost? What's with all the one-post-wonders on Bitcoin today?
It likely has to do with the BitCoin ETN announced yesterday: CXBTF. It's a Swedish ETN that has been around since 2015, but is now also quoted in USD. Depending on your broker, you can now buy this ETN in US accounts.
https://bitcoinist.com/us-investors-regulated-bitcoin-etn/Supposedly, Fidelity now allows trades in CXBTF. Schwab, on the other hand, doesn't currently.
A couple of things to keep in mind:
1) The issuer promises to keep the ETN 100% hedged by buying or selling whatever amounts of BitCoin needed to keep it 100% hedged. I don't know if this is required by Swedish regulatory authorities. If it isn't required, one concern I would have is the potential for a future change in the structure resulting in less than a 100% hedging factor.
2) BitCoin has a relatively slow transaction speed. If there is a mad rush of buying or selling, trades against the ETN have no comparable technologically imposed throttle, so I would be concerned with the issuers ability to buy or sell BitCoin fast enough--if trading volume in the ETN outpaces BitCoin transaction limitations--to keep the ETN 100% hedged without incurring a drag effect in fast moving markets.
3) The ETN is actually traded in Swedish Krona, so any US investors are exposed to exchange rate fluctuations between the two currencies.
4) Because an ETN is a debt security, the market value of the ETN can be influenced by the creditworthiness of the issuer. If there is a downgrade, the market value of your holdings could fall, even if BitCoin doesn't.