Will 2021 be the year of the Bitcoin ETF?
As ‘rat poison squared’ continues to rise to $ 29,000 this morning, as we reported earlier today, it looks like hope for a Bitcoin ETF has not been completely lost. ‘approaching 2021.
Over the past two years, the SEC has killed all ETF ideas that track crypto prices – but VanEck is trying to rekindle the idea-to-idea mojo. approaching the new year. According to a filing on Wednesday, VanEck is now attempting to launch its own Bitcoin tracking ETF, Bloomberg reported.
The proposed instrument, The VanEck Bitcoin Trust, would be based on the performance of the MVIS CryptoCompare Bitcoin benchmark rate.
Nate Geraci, chairman of the ETF Store, an investment advisory firm, believes VanEck has his work cut out for him. He said, “All indications from the SEC indicate that a bitcoin ETF still faces an uphill battle. The fact that VanEck has the confidence to file a Bitcoin ETF application could indicate shifting views within the SEC. Obviously, a key to watch out for as this drama continues to unfold is who President Biden chooses as SEC chairman.
Todd Rosenbluth, ETF research director for CFRA Research, said : “By filing now, it will restart the clock for a review when there are new SEC members and officers.” However, I think the SEC has made it clear that it has some concerns to overcome.
Everett Millman, financial expert at Gainesville Coins, said the ETF “could be viewed as bullish on Bitcoin as it expands the universe of investors who might be aware of Bitcoin.”
And whether you are a bear or a Bitcoin bull, you have to admit that more eyes on crypto is a surefire way to stoke a bid and a bullish probable price. The rise of Bitcoin, however, could be a double-edged sword. While this may help draw more attention to ideas like VanEck’s ETF, it may also invite more scrutiny and regulation in the crypto world.
We noted this morning that while crypto may remain a ‘rat poison’ for some, Notes by William Suberg of CoinTelegraph this bitcoin recorded its highest trading volume since early 2018, with data indicating more and more investors are entering the market. Figures from on-chain analytics resource Digital Assets Data highlight that December 2020 has already triggered Bitcoin’s second-highest trading volume.
A total of $ 252.37 billion for the remaining 24 hours December could push the count even further as it rivals December 2017.
Other indicators, such as the size of Unprocessed transactions in Bitcoin mempool and network transaction fees, also suggest increased activity overall. As Cointelegraph additionally reported, portfolios containing both large and small balances also continue to rise at unprecedented levels.
Trends Google, meanwhile, has captured the highest levels of interest. search for the term “Bitcoin” around the world since February 2018.
It’s your move, SEC…