Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The ProShares Bitcoin Strategy ETF is already up more than 8.0% from its debut on Tuesday, and WisdomTreeâs Jason Guthrie says part of the reason is that itâs âuniversally availableâ. Â
Guthrieâs remarks on CNBCâs âStreet Signs Europeâ
On CNBCâs âStreet Signs Europeâ, Guthrie said the first-ever bitcoin futures ETF will be equally exciting for both retail and institutional investors.
It was one of the most successful ever ETF launches, and that shows the depth of clients that didnât have the route to market before, and do now because of the ETF; be that retail investors or institutions, I think weâre going to see a mix of people looking to use this one.
Bitcoin climbed to a record $67,000 on Wednesday despite restrictions from China â an indication that the largest Asian economy is losing its influence on the crypto market.
U.S. SEC has more control over the futures market
According to Guthrie, the U.S. SEC might have opted to approve a bitcoin futures ETF before a physically-backed one because it has âmore direct controlâ over the futures market compared to the crypto exchanges. He, however, added:
I think the complexity that comes for investors either thatâs through the contango and negative role yields which is run at circa 10% a year or the potential for concentration risk is something that will impact the product performance.
But Guthrie confirmed he wasnât ânegativeâ on the ETF that is now trading at $43.50.
The post Pro: both retail investors and institutions will be interested in BITO appeared first on Invezz.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.