The launch of Bitcoin-futures ETFs was a watershed moment. But for crypto diehards, the Holy Grail remains a physically-backed product.
Bitcoin is eating gold as fast as it can and will over the next two-to-three years replace all gold exchange-traded funds.
- MicroStrategy Inc. Chief Executive Officer Michael Saylor.
It will also emerge as the primary asset index for the Western world and will eventually replace $SPDR S&P 500 ETF(SPY.US)$, which is a $425 billion fund that tracks the equity index, Michael Saylor noted.
To do that, you need the spot ETF, and once these spot ETFs roll, I think you'll see billions, then tens of billions, then hundreds of billions, then trillions of dollars flow into them.
- said Saylor, who has invested his company's treasury in the digital currency.
Two funds tracking Bitcoin futures started trading in October. The first, the $ProShares Bitcoin Strategy ETF(BITO.US)$, accumulated more than $1 billion in assets in just days, while the second, the $Valkyrie Bitcoin and Ether Strategy ETF(BTF.US)$, saw a quieter but still-vigorous reception. Their premieres built a lot of excitement about Wall Street acceptance toward crypto -- and help pave the way for further applications for similar products.
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Nic Carter, general partner at Castle Island Ventures and co-founder of Coin Metrics, agrees that the futures-based product is "inferior." He says a spot-Bitcoin ETF would be "the hottest commodity ETF launch of all time, attracting probably well over $100 billion in assets within a month or so."
Since the launch of the initial two funds, issuers hoping to capitalize on the momentum, have rushed to file for other similar or offshoot products. Some analysts anticipate thatmany more such applications could flood the system in the months to come, though regulators have thus far been hesitant around a few of them.
Hester Peirce, a Republican member of the U.S. Securities and Exchange Commission, said the regulator has been public about why it’s rejected a spot product. “The reason is that the Bitcoin markets don’t look like our regulated securities markets,” she said at the summit Thursday. “The thing that regulators are most comfortable with is markets that look like our own.”
Watch: U.S. Securities and Exchange Commissioner Hester Peirce talked to Bloomberg TV's Alix Steel about the regularoy outlook.
As to what could push Bitcoin higher, Caitlin Long, founder and CEO of Avanti Bank & Trust, said the coin doesn’t need a catalyst. “All we care about is that it keeps on trucking,” she said. “At the end of the day, as long as the core Bitcoin blockchain is still adding blocks, then Bitcoin is just fine.”
What is your opinion about bitcoin spot ETF? Do you prefer bitcoin spot ETF or bitcoin futures ETF ?
Source: Bloomberg

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