*yawn*
anyone heard any good jokes lately? oh no, here's one gift-wrapped: a new ETF story, what a fascinating turn of events that is
Topic: [2019-10-23] New Bitcoin ETF Proposal Filed by Gold Fund Veteran - page 2. (Read 295 times)
October 23, 2019, 09:18:28 AM
October 23, 2019, 09:01:27 AM
...,
But are we really that excited of the prospect of this getting approved or has this become just another routine and a boring one? And in the first place, do we really need an ETF?
But are we really that excited of the prospect of this getting approved or has this become just another routine and a boring one? And in the first place, do we really need an ETF?
"Need"? No. Something beneficial to the entire ecosystem, yes.
Will it be approved? Something will eventually, sometime soon? That is anyone's guess.
The good thing is that there are a fair number of groups who have attempted this and each time more of the (supposed) issues are dealt with. Some of those issues won't be dealt with until the market is more mature. The somewhat ironic thing is that adding an ETF to the mix would tend to stabilize the global bitcoin market and make it less prone to manipulation on some of the sketchy exchanges because it would add a lot of volume and a lot of ballast in the form of people buying for protection which is something that would be beneficial to everyone.
Not to mention an ETF would allow more people to take part safely in future appreciation. While it certainly is doable to purchase it on your own, if people can purchase an ETF from their brokerage account, it makes things much simpler.
October 23, 2019, 08:41:04 AM
But are we really that excited of the prospect of this getting approved or has this become just another routine and a boring one? And in the first place, do we really need an ETF?
The SEC have perfectly reasonable doubts about the market itself that no application can ever address. It's an objection that goes to the entire foundations of how the market rolls.
In future there should be less overtly crooked or amateurish operations. There may also be some proper decentralised exchanges which would probably turn the SEC off even more.
No one and nothing needs an ETF. It might be a neat bonus but I don't think it'll ever happen.
October 23, 2019, 08:37:18 AM
Delaware-based asset manager Kryptoin Investment Advisors applied with the United States Securities and Exchange Commission (SEC) to launch a Bitcoin (BTC) Exchange Traded Fund (ETF) on Oct. 15.
The company plans to hold Bitcoin and value the shares of the trust according to the Chicago Mercantile Exchange Bitcoin Reference Rate. The cryptocurrency will be held at an unspecified third-party insured custodian that is also regulated under the Investment Advisers Act of 1940.
The SEC filing also details that the Trust will hold Bitcoin “in seeking to ensure that the price of the Trust’s shares is reflective of the actual bitcoin market.” However, the Trust will not purchase or sell bitcoin directly but will acquire it via shares called “baskets.”
Read more of this news here...
Of course, winner never quits and quitter never wins. After many rounds of rejections of ETF applications suffered by different proponents, here comes another entry and this time around by the Kryptoin Investment Advisors and is going to be called Kryptoin Bitcoin ETF Trust. The strategy here has become throw all the gel you've got and soon one will eventually stick on the wall.
But are we really that excited of the prospect of this getting approved or has this become just another routine and a boring one? And in the first place, do we really need an ETF?
Jump to: