The SEC deadline to approve the Winklevoss Bitcoin ETF is October 12. This has been in process for almost three years.
Why a Bitcoin ETF? This would open Bitcoin to Institutional investors and Joe Stocktrader. Tell your Uncle about Bitcoin at Thanksgiving and he could buy it Monday in his 401k.
“If a Bitcoin ETF brings additional capital to bitcoin, it would likely push the price higher and drive an increase in hashing power and funding for development – both of which would serve to further improve network security which, in turn, further enables all the use cases that make bitcoin great.”
Why not $GBTC? $GBTC is a scam. Every share represents .9 of a bitcoin which at $90/share means it’s almost 50% overpriced.
Gemini tweets updates on the auction that occurs at 4PM daily.
1,663.02 BTC (~1M USD) was traded @ $613.00 in today's 4pm ET two-sided auction at <0.01% off the midpoint.
— Gemini (@GeminiDotCom) October 3, 2016
Gemini has been averaging ~$1M/day in their auctions. Not too bad for a couple of Facebook rejects.
Note on ETF: It is much better to own your Bitcoin than to own an ETF based on Bitcoin, even if the ETF accurately represents Bitcoin’s price. Think of it like owning Gold vs a Gold ETF. If the ETF custodian has problems what do you really have? Nothing. However, if owning Bitcoin in your 401k is only accessible via an ETF then I would consider it.If you enjoy the content at iBankCoin, please follow us on Twitter