Bitcoin’s price shot up 20 per cent in a week after the BlackRock news in June, and was up seven per cent on Aug. 29 after the court victory by Grayscale, as traders bet the launch of an ETF will tempt in a rash of new buyers.
To see some of the more egregious purveyors of this financial snake oil being hauled before the courts has been pleasing, but it’s surprising, frankly, to see the “value” of bitcoin and all the other cryptocurrencies remain above US$1 trillion despite the cascading failures of the past year. For people who feel they must “play,” spot bitcoin ETFs will be safer, cheaper, simpler products, and the benefits of protecting people who have already been lured in to cryptocurrency outweigh the risk of luring in more.
More generally, ETFs are home to a dazzling array of bad investment ideas, even more so now that actively managed funds are crowding in after the index trackers that established the product.
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