BITCOIN

gravlax

Question about the ongoing interest in when the SEC will finally approve an application for a bitcoin ETF. The suggestion is that it will open the asset class to more US investors.

Can US investors not already get access through the existing products offered by VanEck, WisdomTree, 21Shares etc.?

The existing products are ETCs, are these ETCs materially any different to a proposed US approved ETF?

Would the approval of a US ETF make the existing European and Canadian ETCs less desirable, would investor money leave these funds in favour of a US ETF?

Aegis

gravlax said:

Question about the ongoing interest in when the SEC will finally approve an application for a bitcoin ETF. The suggestion is that it will open the asset class to more US investors.

Can US investors not already get access through the existing products offered by VanEck, WisdomTree, 21Shares etc.?

The existing products are ETCs, are these ETCs materially any different to a proposed US approved ETF?

Would the approval of a US ETF make the existing European and Canadian ETCs less desirable, would investor money leave these funds in favour of a US ETF?

I would hazard a guess that making assets available through funds is a way of allowing access for retirement funds (like SIPPs over here), which presumably can't hold crypto directly.  Whether this is a good thing or not is of course debatable. 

Zola.

gravlax said:

Question about the ongoing interest in when the SEC will finally approve an application for a bitcoin ETF. The suggestion is that it will open the asset class to more US investors.

Can US investors not already get access through the existing products offered by VanEck, WisdomTree, 21Shares etc.?

The existing products are ETCs, are these ETCs materially any different to a proposed US approved ETF?

Would the approval of a US ETF make the existing European and Canadian ETCs less desirable, would investor money leave these funds in favour of a US ETF?

US investors can get access by just buying Bitcoin through an exchange and send to their own wallet.

The existing ETFs in the US are not spot based Bitcoin products, they are synthetic futures ETFs and are not Bitcoin. However I read that you first need a futures product before you can have a spot, not sure if thats actually true or not... Gary Gensler sure is taking his time over it, for whatever reason. Maybe he wants to fill his bags some more

There are predictions that the Grayscale Bitcoin Trust will be converted to a spot based Bitcoin ETF in the US.. They own about 700,000 Bitcoin.

What I am also hoping for is some sort of Bitcoin related active fund which encompasses Bitcoin mining companies, companies with BTC on their balance sheet etc. That could be fun to track. 

gravlax

The point about retirement funds makes sense as one possible reason.

Any thoughts on whether the existing European ETCs (those physically holding BTC) are materially any different to an ETF and if investors currently holding the existing ETCs would move out of these in favour of a US ETF?

Adyinvestment

Zola. said:

What I am also hoping for is some sort of Bitcoin related active fund which encompasses Bitcoin mining companies, companies with BTC on their balance sheet etc. That could be fun to track. 

You mean like this

wrong link...hang on

gotta love the WGMI ticker (we're going to make it) 

Adyinvestment

https://www.newsbtc.com/news/nasdaq-valkyrie-mining-etf/

Zola.

Adyinvestment said:

https://www.newsbtc.com/news/nasdaq-valkyrie-mining-etf/

They're definitely down with the kids with that one!! 
Yeah I would love to see some of the top mining companies like Marathon mixed in to an active fund, along with companies with Bitcoin exposure like Tesla and Micro strategy etc. There are more and more companies starting to get involved with mining also. ConocoPhillips being a recent one

adindas

https://www.benzinga.com/markets/cryptocurrency/22/02/25670900/charlie-munger-says-he-is-proud-of-having-not-investing-in-cryptocurrency-says-it-should-b

Charlie Munger Says He Is 'Proud of Having Not Investing In Cryptocurrency, Says It Should Be Banned And Likens It To A 'Venereal Disease' and see the response from Elon Musk.

A sensible people will know that you should not expect a grandpa of 90yo+ to be able to see or has interest to learn so will appreciate of what  the technology such as block chain, EV & autonomous driving, eVTOL (Electric vertical take-off and landing aircraft ) could do to increase efficiency and productivity in the future.

He is not only wrong about Bitcoin but also Tesla. So if you should not just blindly listen to these sort of people just because their success in the past. Doing this you would have missed a lot of opportunities in the market.

Aegis

adindas said:

Charlie Munger Says He Is 'Proud' Of Having Not Investing In Cryptocurrency, Says It Should Be Banned And Likens It To A 'Venereal Disease' and see the response from Elon Musk.

A sensible people will know that you should not expect a grandpa of 90yo+ to be able to see or has interest to learn so will appreciate of what  the technology such as block chain, EV & autonomous driving, eVTOL (Electric vertical take-off and landing aircraft ) could do to increase efficiency and productivity in the future.

He is not only wrong about Bitcoin but also Tesla. So if you should not just blindly listen to these sort of people just because their success in the past. Doing this you would have missed a lot of opportunities in the market.

How very ageist of you...

Zola.

Truth hurts though, as Elon has clearly demonstrated.

Munger is simply out of touch and also has a natural bias by holding so many bank stocks.