Well, it finally happened. After more than eight years (!) of pleading by the crypto industry, the SEC has given the go-ahead to a Bitcoin ETF—a move that will give regular folks exposure to the original cryptocurrency via major stock exchanges, and is expected to trigger a moon moment as new money rushes into Bitcoin.
Will it, though?
The occasion has already produced winners and losers, which we’ll get to in a moment. First, let’s recap what exactly happened here. The SEC allowed an ETF (exchange-traded fund), but not one pegged to the price of Bitcoin, the kind most people wanted. Instead, the agency allowed a Bitcoin futures ETF. What this means is the new fund, which is being packaged by a firm called ProShares, won’t give you shares backed by Bitcoin, but shares tied a bundle of contracts to buy Bitcoin in the future.
Sound complicated? It is. When you buy a regular ETF, the value of the shares is based entirely on the price of the underlying asset—be it Bitcoin or gold or o
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