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A commissioner at the U.S. Securities and Exchange Commission (SEC) believes a bitcoin exchange-traded fund (ETF) will ultimately be approved.
Robert J. Jackson Jr., in an interview published by government-focused news source Roll Call on Wednesday, said:
“Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so.”
A number of bitcoin ETF proposals have filed for SEC approval, but none has yet got the green light.
Jay Clayton (chairman of the SEC) has said he doesn’t see a pathway to a cryptocurrency ETF approval until concerns over market manipulation are addressed.
The SEC has to date rejected at least 10 such proposals. Last August, it turned down seven filings from ProShares, Direxion and GraniteShares. A day later, though, the regulator said it would review the proposals.
https://www.coindesk.com/sec-commissioner-says-bitcoin-etf-will-be-approved-eventually
(Score: 0) by Anonymous Coward on Tuesday February 19 2019, @11:44AM (4 children)
I wonder how many people are waiting to add bitcoin exposure to a retirement account. That is the main (only?) advantage to an ETF that I see.
(Score: 0) by Anonymous Coward on Tuesday February 19 2019, @02:42PM (3 children)
You need to keep this stupidity out of your retirement fund.
(Score: 0) by Anonymous Coward on Tuesday February 19 2019, @03:51PM (2 children)
Yep, it is so stupid to 100x or better your money every couple years because you recognize the value of this new tech.
(Score: 2) by AthanasiusKircher on Tuesday February 19 2019, @05:48PM (1 child)
Hmm... let's look at BitCoin price history. Yep, if you were an early adopter before 2011, you could have seen a 100x increase in 2 years or less.
Since 2013, the value has mostly oscillated between a several hundred dollars and a few thousand dollars. If you bought some at the price peak in late 2013, it was already over $1000. Current price (six years later) is around $4000.
You guys make me laugh sometimes. As if the main price driving factor since 2013 when BitCoin got mainstream media attention has been anything other than speculative investors. Most people buying and holding BitCoin for the past several years don't "recognize the value of this new tech" -- they think they're going to make a few bucks and will happily sell if they think they'll make a profit. (The vast majority of people using BitCoin for legitimate financial transactions are holding it for the minimum time possible to process the transaction -- nobody wants their currency to crash in a few minutes or a few days while they are trying to pay for something. And until there's anything resembling stability, BitCoin will never be able to function as a currency.)
So, pick your poison: either (1) you have a "new tech" that's going to become a useful currency, in which case investing in it wouldn't create great returns, because currency should be relatively stable to function well. OR (2) you have a stupid pump-and-dump scheme, and you either need to have gotten in early or just be lucky in holding it through a period of upwards volatility to make significant profit. But your assertions couldn't both be true.
And since it's volatile -- it's more like tulips, or pick your favorite BS investment vehicle. At least with tulips, you could at least grow a pretty flower to look at.
(Score: 0) by Anonymous Coward on Wednesday February 20 2019, @12:23AM
Keep believing in those "reasons" that haven't changed since the beginning then. Meanwhile people who are right will be rewarded.