SEC does not approve latest Bitcoin ETF
So the Winkelvoss twins (owner of the Gemini exchange) application for a Bitcoin ETF was shot down by the SEC (Securities Exchange Commission) as they stated that Bitcoin may be subject to manipulation.
Hmm, so there is no manipulation whatsoever on Wall Street? None on the NYSE, Nasdaq? Everyone there abides by the strictest rules set by the benevolent SEC........................OK, sure.
The largest banks all use High Frequency Trading to ensure 100% PROFIT and there is NO Manipulation....OK.
But earlier this year, Bitcoin futures product was produced and is now available for trading. Isn't the CME (Chicago Mercantile Exchange) worried about potential Bitcoin manipulation?
Well, there are a few cryptocurrency mutual funds available that you could invest in. But they are not 100% Bitcoin.
Coinbase released their version of an Index fund with BTC, BCH, ETH and LTC. All you need is $250,000 as an initial investment. It also has a 2% annual management fee.
I personally think/speculate that the SEC will eventually approve a Bitcoin ETF. Most likely to one of their big banker 'friends' so they can make some closed door/behind the scenes deals. The owner of the ETF will be collecting management fees and that can add up for a 'few' $$$.
I completely agree with you @glennolua , this is the reason we need more and more decentralization on the monetary system and this is why eventually all this "regulators" will end up losing their job when it becomes a reality.
Thanks for above essensial post..Just they only want to manupulate the market nothing else
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