Wow, if it holds true. Much anticipation currently in the market and obviously what’s moving prices higher.
Trading could commence as earlier as next week.
I will admit this seems interesting - but could it be a way to funnel money away from Bitcoin?
It’s a futures-based ETF it looks like, with the possibility of multiple contracts on every one BTC.
We would have to see the prospectus to know for sure.
The gold bugs for many years have claimed the ETFs have capped price (maybe intentionally) - it sure could be used in the exact same way to dilute money flows into Bitcoin.
Honesty, futures products won’t really interest the retail crowd. But it will be the stepping stone to spot Bitcoin ETF.
Futures Bitcoin ETFs, while maybe adding legitimacy for some to cryptocurrrencies in general and BTC specifically, are just adding the traditional financial trickery of middlemen - ETF provider, futures broker, lawyers, auditors, all collecting fees. Definitely the complete opposite of a trustless decentralized monetary system that’s spoken off. More money to Wall Street and less to the retail trader.
1 Like
The US really is embracing cryptocurrencies after the ban in China, isn’t it? I’m actually surprised the attitude is so positive.
They understand it’s the future, and like they led the way with Internet technology innovation, they don’t want to be lagging behind anyone else. China is helping them by banning all things crypto, so that definitely helps
And there you have it. Trading starts today on the NYSE.
Proshares has it’s Bitcoin futures ETF!