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The ETF angle makes no sense to me. An ETF is designed to be based against a basket of securities. A bitcoin ETF seems really pointless. Why not just gamble on the token itself?

I see this as a means to sucker more retail cash in and have the early adopters of Bitcoin hoover it up.

For the record, my statement as of right now is still true. Remember that Bitcoin peaked at nearly 69k a piece and it’s currently at around $42k a piece.

discuss

gruez|2 years ago

>An ETF is designed to be based against a basket of securities. A bitcoin ETF seems really pointless. Why not just gamble on the token itself?

Dunno, maybe you should ask State Street Global Advisors[1] or Blackrock[2] why they have gold ETFs, when investors could just gamble on the yellow stuff itself.

[1] https://www.ssga.com/us/en/intermediary/etfs/funds/spdr-gold...

[2] https://www.ishares.com/us/products/239561/ishares-gold-trus...

cykros|2 years ago

You can't just put BTC into your Roth IRA. You can, however, buy a Bitcoin ETF in your Roth IRA. Or SEP, SIMPLE, many 401(k)'s, Traditional IRA, or any other number of accounts that actually ARE covered by SIPC insurance (which your crypto wallet isn't).

There's a good chunk of money that for regulatory reasons CAN'T touch it until it hits this structure.

deweller|2 years ago

Because IRAs cannot purchase BTC directly.

EternalUsenet|2 years ago

I can’t imagine why I would want to purchase BTC on a vehicle intended for retirement savings. This is absolutely asinine to me and I see so many people losing their shirts and could be rife with abuse. If people really want to, they can gamble their money away at Coinbase.

This is really feeling like tragedy of the commons and needing to find more ways to pull in real money into this system so whales can swim in their piles.