“INSANE” Bitcoin ETFs Are Coming Soon

The scoundrels and bandits from Direxion have applied for a slew of new ETFs, five funds in total, all to do with Bitcoin. If you thought Bitcoin was volatile enough, you haven’t seen anything yet. Direxion intends on applying leverage to these fucking bombs, with the evil intentions of blowing up a brand new investor class of HODLers to smithereens.

Their names are Direxion Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5 Bull Shares, Direxion Daily Bitcoin 2X Bull Shares and Direxion Daily Bitcoin 2X Bear Shares.

Industry wide, crypto currencies is widely regarded as a retarded investment, as indicated by Merrill Lynch’s ban on buying and selling GBTC.

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“That would be insane for them to actually approve this. Then they’re putting a rubber stamp on it as an asset, and I don’t think governments want to go there yet,” said Michael Cohn, chief investment strategist at Atlantis Asset Management. “It just seems as though it’s not something I’d want to put my clients into in any way, shape or form. You can only be embarrassed.”

“There are a lot of conflicting attitudes about this thing. I don’t think the SEC can wrap their arms around this,” Cohn said. “It’s not an asset class, it’s not a currency. It’s going to be evolved into a technology. As to whether that technology is viable, that remains to be seen.”

“Can you imagine what a 2X bitcoin put or call is going to do? It’s going to be amazing volatility,” said Nick Colas, a bitcoin watcher and co-founder of DataTrek Research. “It’s eye-watering.”

Colas said he sees the attempts at leveraging bitcoin as part of traders’ quest for volatility, which has been noticeably missing from most of the market but is pretty much a daily fact of life for cryptocurrencies.

“This is the analog of the search for volatility,” he said. “Obviously, bitcoin does have a lot of volatility on its own. This is an attempt to create a product that has some volatility that leverages that.”

Wall Street will not embrace Bitcoin investments because they cannot buy and sell cryptos; therefore, they cannot collect fees. They do not like what they cannot profit from. Nevertheless, these new ETFs, if approved, will attract a brand new genre of eager late comers into an asset class that is widely desired, but hard to attain.