Bitcoin ETF: Not What A Lot Of People Think
Wall Street is at it again. While many in the Bitcoin world celebrated the approval (and going live) of the first Bitcoin ETF in the United States, there is a snag that most might be overlooking.
In this video I discuss how we are not dealing with "spot pricing" in the ProShares ETF. We also are not going to see that anytime soon. Even the next one to go live is going to utilize the same futures market.
▶️ 3Speak
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Electronic-terrorism, voice to skull and neuro monitoring on Hive and Steem. You can ignore this, but your going to wish you didnt soon. This is happening whether you believe it or not. https://ecency.com/fyrstikken/@fairandbalanced/i-am-the-only-motherfucker-on-the-internet-pointing-to-a-direct-source-for-voice-to-skull-electronic-terrorism
Electronic-terrorism, voice to skull and neuro monitoring on Hive and Steem. You can ignore this, but your going to wish you didnt soon. This is happening whether you believe it or not. https://ecency.com/fyrstikken/@fairandbalanced/i-am-the-only-motherfucker-on-the-internet-pointing-to-a-direct-source-for-voice-to-skull-electronic-terrorism
Quite interesting
Let them have their share of playtime, Crypto is no long BTC only. We have already built a thousand playfields to play on now, none can conquer all of them without causing wild multiplications into even more.
One of the best examples for this is the Hive Engine. There are many tokens there, and many of those tokens are valuable.
100% True, Hive Engine is a very good example of how to opt-out of the STEEM/HIVE wealth distribution, to rebuild based on different values propositions. While also being only one click away.
I knew that this was not dealing in physical bitcoin, but I'm still trying to figure out who all these players are and what their stances are (some may be playing 3d chess).
I wonder if this will be used to attack bitcoin, either to prop up some attempt at an CBDC or to buy in at a lower price in a 2018 like bear market. Are they trying to make sure that 2018 repeats? If they plan on attacking, I wonder if they'll let it pump first. What do you think?
I'll go read your article, sounds like it's got some info I am looking for.
True. Some of us were really expecting the mooning provided by Wall Street will come at no risk... I guess that's what happens when looking at the dollar valuation all day long and only care about that.
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Summary:
In this video, the speaker discusses the approval of the first Bitcoin ETF by Chairman Gensler of the SEC for trading, focusing on ProShares as the approved ETF. He contrasts this with Grayscale and highlights the difference between ETFs based on futures trade like ProShares and those based on spot pricing like Grayscale. The speaker explains how institutional and retail investors are gaining exposure to Bitcoin through these ETFs, clarifying that ETFs are not directly buying or holding Bitcoin itself. The potential manipulation in the futures market is also mentioned, raising concerns about Wall Street's involvement in the cryptocurrency market.
Detailed Article:
The video delves into the recent approval of the first Bitcoin ETF by the SEC, specifically focusing on ProShares as the initial approved ETF opening up for trading on October 19th. The speaker highlights the significance of ETFs in providing exposure to both institutional and retail investors, emphasizing that these accounts are often restricted from directly holding cryptocurrencies, hence the importance of SEC-approved investment options like ETFs. He contrasts ProShares, which is based on futures trade without holding Bitcoin, with Grayscale, which originally allowed investors to gain exposure to Bitcoin through their trust but has now applied to convert to an ETF, awaiting SEC approval within a 75-day window.
A notable discussion in the video pertains to the contrasting opinions on using futures-based pricing versus spot-based pricing for ETFs. Chairman Gensler believes that futures markets are less prone to manipulation, leading to the SEC approving futures-based ETFs. In contrast, Grayscale advocates for spot pricing, raising concerns about potential tax implications and the manipulation vulnerability of the futures market. The speaker also mentions other entities like Van Eyck potentially considering spot pricing for their ETFs, indicating a broader trend beyond Grayscale in this approach.
Moreover, the video addresses the misconception that the ETFs are directly purchasing and holding Bitcoin, clarifying that ProShares and similar ETFs are tied to the futures market and not the physical asset itself. The speaker points out how increased Wall Street involvement in the cryptocurrency market through ETFs raises concerns about potential market manipulation, drawing parallels with past instances in markets like gold and silver. The video closes with a cautionary note about the impact of Wall Street's influence on cryptocurrency markets, steering viewers toward a more critical perspective on the consequences of institutional involvement.
Overall, the video provides a detailed analysis of the Bitcoin ETF landscape, offering insights into the implications of different ETF structures, regulatory considerations, and the broader impact of institutional involvement on the cryptocurrency ecosystem.