What was once considered doubtful (by no less than myself) has become at least a coin flip and may actually be more likely than not. I'm talking about the potential SEC approval of the Winklevoss Bitcoin ETF (COIN).
I was skeptical of how the SEC might react to volatility in the price of bitcoin, the number of hacks of bitcoin exchanges and the lack of current SEC oversight as possible roadblocks to approval. But the presence of a number of independent analysts may be swinging the scales in favor of approval. Given the State Street is being brought in to operate the ETF may give the SEC the degree of comfort it needs to go ahead with the fund.
March 11 is still the final decision date. Not surprisingly, you can bet on whether or not the fund will be approved. I find this quote in a recent Barron's article which should send a shudder up your spine. One hundred times leverage. I'm sure nothing can go wrong there!
This is how nuts the market can be: The SEC is deciding whether to approve the first-ever ETF to track a digital currency. But the kicker is that you can now bet on whether it will do so.
“Such wagers can only be placed and settled in Bitcoin, naturally, on the BitMEX platform, which offers the ability to trade certain cryptocurrency derivatives with ‘up to 100x leverage,’” reports Bloomberg.
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