Bitcoin bulls may be in for a ride on a rocket ship this year — as opposed to the speedboat they are currently chilling on — if a long speculated exchange-trade fund (ETF) for the largest crypto debuts.
Somewhat under-the-radar, ETF heavyweight VanEck filed a Form S-1 registration statement for a new bitcoin ETF called the “VanEck Bitcoin Trust” on Dec. 30. Unlike VanEck’s last filing for a bitcoin futures ETF in 2017, the new one would hold physical bitcoin. That key distinction could create an even bigger imbalance between the demand for bitcoin and supply than the one that has recently sent prices surging, argues one Wall Street pro that covers the crypto space.
“With the price of bitcoin reaching new heights, one of the questions that has arisen is whether 2021 will be the year in which the U.S. Securities and Exchange Commission finally approves a bitcoin exchange-traded fund that would enable anyone to purchase the cryptocurrency as easily as they could buy a stock. An ETF that tracks the virtual currency could have a dramatic impact on both its growth as an asset class and the industry being built around it, in our view,” says BITG analyst Mark Palmer. Read more…..
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