NYSE Files With SEC To List Two Proshares Bitcoin ETFs—Will This Help Mainstream Bitcoin Adoption?
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 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?👏👏👍