There has been some news around Bitcoin ETFs for sometime now. NYSE has filed to list two ProShares Bitcoin cryptocurrency ETFs with the US Securities and Exchange Commission. ProShares is managing over $29 billion worth of assets under its management.
The ETF is likely to provide only an investment product which will allow investors to invest in Bitcoin futures. No real BTC will be held. But it will certainly increase the profile of the crypto not only in the US but globally. It should result in better PR for it as well as greater adoption, when it continues to remain in the news as a speculative asset class for investors.
But according to the report on CNBC:
The funds would track either the Cboe or CME bitcoin futures and would invest their assets in benchmark futures contracts with the option of investing in contracts outside the benchmark. As custodian for the funds, Brown Brothers Harriman would oversee investment assets and cash equivalents as well as prepare and make regulatory filings. Marc Chandler and Win Thin, two of the bank's foreign exchange strategists, are widely followed among currency brokers.
NYSE is an investor in Coinbase, one of the big names in cryptocurrency exchanges globally. However, this will be NYSE's first move in the growing crypto-space. ETFs have been long considered as one of the best ways to increase Bitcoin's profile, especially if it has to mature as a speculative asset class.
Outside of institutional investors, ETFs and the futures market are quite complex for most people to understand. However, the PR value of having big guns investing into Bitcoin is huge. From what I understand, these days there are ETFs for pretty much everything. So, why not have one for Bitcoin eh?
After all for investors in this space, more money flowing into cryptocurrencies such as Bitcoin which sort of serves as an Index in the crypto space means more upward swings are possibly in store.
We've also seen a considerable correction in it's value recently, but this has not affected the market as we're still above $600 billion in market-cap. Bitcoin Cash seems to be pushing hard towards increasing it's market share and it might not be too early to say that Bitcoin Cash promoters are looking to dethrone Bitcoin as the top currency in the future.
Bitcoin is the gateway to crypto currencies in most markets, especially nascent ones like India. The potential for it to grow is tremendous and it's unlikely to fade as the top crypto anytime soon.
However, as long as some of Bitcoin's major drawbacks remain in existence, we're unlikely to see mass adoption as a payment system anytime soon. I think it will remain a store of value for considerable time, continuing to grow as an asset class. But will it appreciate in value? I suppose we'll just have to wait and watch! For now let's hope SEC accepts NYSE's documents and ETFs come into play.
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Thank you for providing deep knowledge regarding such things on a regular basis..Your articles help a lot in learning more about cryptocurrencies.
Agreed. @firepower sheds so much light on these things. Glad that he is posting regularly these days.
Thank you! :) Glad to hear it!
Do you think the acceptance of Bitcoin ETFs will further normalize the price of BTC? It seems as if the futures market has already help "institutionalize" some of the volatility we're used to in BTC prices.
maybe bitcoin will end up just being a gateway.. a portal into the crypto world instead of a currency or Even a store of value (potentially)..
Even though BTC has several big issues, it seems the King is entrenched and will be hard to subvert. Sometimes it seems like its not who is best but who is first!
Despite ALL the problems, I think its the Mainstream news that will make all the difference.. and right now they are Still learning the word Bitcoin never mind alt coin and the rest! That is the WORD on the street and what people are looking for.. Thats my 2 cents!
I agree! Great to read your feedback btw. First movers have the advantage for sure. BTC is the first and the king!
Really interesting. I don't see mainstream bitcoin adoption until they fix its huge fees and transaction problems!
I agree. I hope they do it soon so that emerging markets an benefit from it!
nice article. looking forward to the general market development as well.
Bitcoin is like a stock market. As long as bitcoin will continue to benefit the company, the cost of bitcoin will increase.
thanks for the info
thanks for sharing information related bitcoin.
upvoted
Interesting information
Thanks this is truth and real and good info @firepower
What you're basically saying is that Bitcoin prices is more likely to rise further as it's a gateway to most of the indian cryptocurrency markets?
Yes quite likely. We're adding 200K new users in this space officially per month.
I'm quite new to this platform and still figuring out things.
As an Indian user, Do I use indian wallets like zebpay,coindelta,koinex to buy/cryptocurrency?
Or is there something better?
I wanna start Trading.
Thanks for the great informations,yes it will be great new for us if SEC accept NYSE's documents and the results will be mind blowing. The great Indian market will be rocking. Thanks for sharing, have a great day friend happy steeming.
Awesome post, thanks for sharing in depth info. My friend just told me he tryed to pick up BTC and couldn't. This will definitely raise up the value of everything, as we allready see :) Thanks man! resteemed. #keepsteemin
I have a feeling that the fluctuations in btc will be over someday and that it can be used in international markets for trading , nice info @firepower
Fine details. Congratulations. for you to investigate and to warn us. When is the right time for the right move?👏👏👍
With Coinbase's inclusion of Bicoin Cash, many are talking this same thing of BCH replacing BTC. I want to understand it, where can I get the technical comparison between BCH and BTC. Transaction fee, time and any other comparison which makes BCH better than BTC.
How long it took before the first people landed on the moon... I feel we are just one step away to go main stream
Bcash is just pump and dump from the insider trading profitting only few.It's a scam, no matter how hard they will try , it can never replace the BTC.
Right now yeah Bitcoin is a gateway to many into the crypto world.
It's good in a way that its getting the attention which deserves.
For mass adoption, i don't know may take some more time for daily transactions use.
The thing that matters is people becoming aware of the crypto currency , the value its brings, the currency which you are in control, decentralized.
It's good as long as the right idea is propagated.
I hope so too man!
I like this. Everything that helps popularize crypto is good for steemit.
Believe it or not, bitcoin and cryptocurrency in general have come to stay . The world keeps getting digitalized, hence the need for digital currencies. Cryptocurrency will just keep adjusting until it becomes generally accepted.
Transaction speed and fee would be a bottleneck for Bitcoin, there are other cryptocurrencies which are faster. Private and federated blockchains are also gaining momentum.
Overall, the acceptance of Bitcoin is growing and it is not just a bubble.
I agree with you. Looking forward to the upward swing after this correction is over.
with bitcoin volume going up - the volatility will reduce.
Interesting development ! I agree with your analysis that it is - "unlikely to see mass adoption as a payment system anytime soon. I think it will remain a store of value for considerable time" . Primarily because even the digital and literate masses do not understand the structure and movement of cryptocurrency. Too many grey areas - legally and conceptually. We do need systemic tutorials and introduction before we can think of mass adoption :) ... Your posts are always very informative and helpful, @firepower :)
💙 Great post. Very good writing,i like this post 💙
💛 Thanks for sharing 💛There are more questions than answers at this point. But it will be interesting to see how things shake out. The technology is here to stay.
Great thoughts buddy. I think the launch of ETFs is an extremely positive step and hope they get the nod soon. However the higher transaction fees and longer transaction times are 2 big show stoppers at the moment and hope to see some movement on the lightening network.
Regards Nainaz
#thealliance
I think 2018 is the year Bitcoin will become the Myspace of crypto coins. Or perhaps the Model T is a better analogy.
Its technological limitations are becoming a problem as it becomes a victim of its own success; more and more new money means more and more transactions which means deeper and deeper transaction backlogs which means higher and higher mining fees. Even its value as a gateway to crypto usage and as a store of value is being impeded by these ludicrous transaction fees and slow transaction times.
These ETFs and this futures trading are a day late and a dollar short in my opinion.
Coins like Dash, Digibyte and in particular Steem will soon push it aside. I mean, near as I can tell, Steem/SBD beats Bitcoin in literally every category by which a coin can be judged (obviously except name-recognition and market cap)
Hello @firepower have been following and upvoting your nice post. Help upvote my intro post @fidelmboro thanks very much
It's a great post. Learned alot about cryptocurrency. Thank you.
hello sir ,i am a big fan above steemit and u r my roll ideal on the steemit
Yes that is another good news for cryptomarket @firepower
This could help but I don't see bitcoin really going full mainstream while fees are so high. Most people simply don't have enough money to invest to make it a practical investment when so much of it disappears in fees now that the greatest chance for huge gains has already passed. I don't see crypto going anywhere so I hope bitcoin stays on top, rather than a coin like ripple which invites more regulation. Hopefully the miners are forced to figure something out when they realize other coins could potentially outrank Bitcoin.
Or do I have no idea what I'm talking about? I still need to learn about scaling issues and segwit, I'm still new to this.
Iam like. Nice
The view is very beautiful, greetings know me newcomers in steemit ..
full steam ahead with crypto adoption in the financial world. I hope this will lead to more stable cryptocurrency prices.