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RE: The SEC is requesting withdrawal of Bitcoin derivatives ETFs
To tell you the truth, I don't think cryptocurrencies need these ETFs. Instead of liquidity going directly to the exchanges where the real cryptos are trading, we want the liquidity to funnel in to these fake instruments? Why?
The moonkids and pumpers have convinced themselves that having a Bitcoin ETF is somehow going to bring in more institutional money in, but these derivatives go directly against the ethos of whole crypto movement.
Good point. An ETF tied to Bitcoin (or another cryptocurrency) would be much more beneficial as the ETF would have an inventory of the underlying.
Correct, ETF's are good news!
agree..
I tend to agree, but I also see the value in having ETFs simply for the awareness factor. If you buy an instrument you're likely to research it further. My hope would be that a decent portion of BTC ETF buyers would perform more due diligence and realize there's a whole other world out there in crypto.
I guess there is marketing value in a crypto ETF, but there's also the issue of naked short selling, no?
The main benefit to having an ETF is that it legitimizes Bitcoin for the mainstream investors. I knows tons of people who simply do not trust Bitcoin because there is nothing backing it but investor confidence and mathematics :-D I tell them that is why they SHOULD trust it, not the manipulated stock markets and precious metals markets which are controlled by the useless dollar.
In order for the blue-hair investors to jump on board there needs to be wider adoption and the ETF would bring that to the masses.