Peter Schiff Expects Spot Bitcoin ETFs to Bring Speculator Sell-Off, Minimal Institutional Demand

Economist and gold bug Peter Schiff expects the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) to be a nonevent. The crypto skeptic explained that there is “really no need for a bitcoin ETF, as you can buy and store bitcoin yourself for free.” He predicted: “There will be minimal investor demand and the speculators who bought on the news will likely sell on the fact.”

Schiff Throws Cold Water on Spot Bitcoin ETF

Peter Schiff, chief economist at Euro Pacific Asset Management and founder of Schiff Gold, expressed his view on the expected approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) in a series of posts on social media platform X this week. The first deadline this year for the SEC to approve a spot bitcoin ETF is Jan. 10 for a joint proposal from Cathie Wood’s Ark Invest and 21shares.

“Be careful what you wish for,” Schiff wrote on X Tuesday. “The promise of a U.S.-listed spot bitcoin ETF has been supporting the bitcoin price and speculative demand for years. Once the ETFs are launched and the highly anticipated institutional and other new investor demand does not show up, look out below!” The gold bug added:


Following a 7% plunge in bitcoin’s price fueled by a rumor that the SEC will continue to reject spot bitcoin ETF applications this month, Schiff doubled down with another post on X Wednesday. “As I warned, it’s likely that the bitcoin ETF will not be a ‘buy the rumor, sell the news’ event, but a ‘buy the rumor, sell the rumor of the news’ event. Those who wait for the actual news to sell their bitcoin may discover that there are very few speculators left to buy!” he cautioned.

Schiff does not expect institutional investors to flock to spot bitcoin ETFs. Sharing his predictions on Dec. 20, the economist wrote:


Meanwhile, many people believe spot bitcoin ETF approvals by the SEC will boost the price of bitcoin. Vaneck’s director of digital assets strategy said people tend to underestimate the long-term impact of spot bitcoin ETFs. Ark Invest CEO Cathie Wood expects a significant boost in the price of BTC, and Galaxy Digital CEO Mike Novogratz believes the price will climb considerably. Moreover, venture capitalist Tim Draper has doubled down on his $250,000 prediction for bitcoin this year.

Source: https://news.bitcoin.com/peter-schiff-expects-spot-bitcoin-etfs-to-bring-speculator-sell-off-minimal-institutional-demand/

Grayscale Updates Spot Bitcoin ETF Application but Left out Some Key Information

Crypto asset management firm Grayscale Investments has updated its spot bitcoin ETF filing in hope of being included in the initial round of decisions by the U.S. Securities and Exchange Commission (SEC). However, the firm has omitted some key information that the SEC reportedly wants included in the filing, which several other asset managers have disclosed, including details relating to authorized participants.

Grayscale Files 3rd Amendment to Spot Bitcoin ETF Filing

Most asset managers seeking to launch a spot bitcoin exchange-traded fund (ETF) updated their applications with the U.S. Securities and Exchange Commission (SEC) on Friday, which was the deadline given by the regulator for amended filings. Grayscale filed the third amendment to its S-3 filing to convert its bitcoin trust (GBTC) into a spot bitcoin ETF on Friday.

Commenting on Grayscale’s amended filing, Bloomberg ETF analyst Eric Balchunas shared on social media platform X Tuesday:


The analyst further pointed out that there was nothing about the fee in Grayscale’s amended filing that he could see. The firm’s authorized participant agreement is found in Exhibit 4.5 of the filing.

The SEC reportedly required spot bitcoin ETF applicants to submit updated filings by last Friday to be considered in the initial round of decisions. The first deadline is Jan. 10 for Ark Invest and 21shares’ joint filing. However, some expect the SEC to make a decision before that date.

While Grayscale did not name any authorized participants, CEO Michael Sonnenshein insisted that his company has lined up some authorized participants a long time ago. In an X post on Dec. 29, he wrote: “Been in this game a long time … we’ve had APs lined up since 2017.” He referenced a news article published in June 2022 stating that Grayscale would work with Jane Street and Virtu Financial as authorized participants should the SEC approve GBTC’s conversion into a spot bitcoin ETF.

Meanwhile, several other spot bitcoin ETF applicants have named their authorized participants in their filings, including Blackrock, the world’s largest asset manager, which named Jane Street and JPMorgan. Wisdomtree, Fidelity, and Valkyrie also named Jane Street while Invesco/Galaxy named Virtu and JPMorgan.

After initially rejecting Grayscale’s spot bitcoin ETF proposal, the SEC faces a court order to reevaluate it. Grayscale and several other spot bitcoin ETF applicants want to use the in-kind creation model for their spot bitcoin ETFs but the SEC is adamant about using the cash creation method. Grayscale then adopted the cash method in its second amendment. The company also recently announced the resignation of Barry Silbert from its board of directors.

Source: https://news.bitcoin.com/grayscale-updates-spot-bitcoin-etf-application-but-left-out-some-key-information/

SEC Still Processing Spot Bitcoin ETF Paperwork, Report

Anticipation of spot bitcoin exchange-traded fund (ETF) approvals by the U.S. Securities and Exchange Commission (SEC) remains high, but the securities regulator reportedly still has a lot of paperwork to go through. While some speculate on a late-week announcement, others expect it early next week as the Jan. 10 deadline approaches.

SEC Still Has Lots of Spot Bitcoin ETF Paperwork to Sort Through

Anticipation of an imminent decision by the U.S. Securities and Exchange Commission (SEC) that could finally unlock the U.S. spot bitcoin exchange-traded fund (ETF) market drove the price of bitcoin above $45,000 on Tuesday.

Bloomberg analyst James Seyffart shared on social media platform X details of spot bitcoin ETFs that the SEC is currently considering. “Here’s a view of the Cointucky Derby starting gate as of this morning. We’re focused on these 11 spot bitcoin ETF filers. Expecting most of these N/A’s to be filled over the next ~week.” He added that he is expecting the SEC to approve some applications between Jan. 8-10. “Still looking for potential approval orders in that Jan 8 to Jan 10 window,” he wrote.

“All or almost all of these filers have their AP’s [authorized participants] lined up and they know what their fees are going to be (at least roughly). These N/A’s will have to be filled in before launch and before SEC signs off on the S-1’s but are not needed for 19b-4 approvals as far as I’m aware,” the analyst added.

Last week, Reuters reported that the securities regulator could approve some spot bitcoin ETF applicants that met the Friday deadline for amended filings as soon as Tuesday or Wednesday. CNBC reported Tuesday that the SEC could notify spot bitcoin ETF issuers “as soon as this week if they’ve been cleared to launch” their ETFs.

However, reporters at Fox Business doubt that the SEC will approve spot bitcoin ETFs early this week. Charles Gasparino shared on X Tuesday: “People at Blackrock say it’s radio silence from the SEC.” Citing another Fox reporter Eleanor Terrett’s sources, he wrote:


The actual deadline for a spot bitcoin ETF decision is Jan. 10 for the proposal by Cathie Wood’s Ark Invest and 21shares. Many expect the SEC to approve multiple spot bitcoin ETFs at once on or before that date.

Source: https://news.bitcoin.com/sec-still-processing-spot-bitcoin-etf-paperwork/

New Crypto Tax Law Takes Effect in US: Transactions of $10,000 or More Must Be Reported to IRS Within 15 Days

A new tax reporting law has entered into force in the U.S. Starting on Jan. 1, all Americans receiving $10,000 or more in crypto in the course of their trade or business must file a report with the Internal Revenue Service (IRS) within 15 days. “If you don’t file a report within 15 days of receiving the transaction, you could be found guilty of a felony offense,” Coin Center warned.


New Crypto Tax Law Takes Effect on Jan. 1

Effective Jan. 1, 2024, the Infrastructure Investment and Jobs Act, which passed in November 2021, requires “anyone who receives $10,000 or more in cryptocurrency in the course of their trade or business to make a report to the IRS about that transaction,” crypto policy advocate Coin Center explained in a blog post on Tuesday.

“The report must include, among other things, the name, address, and social security number of the person from whom the funds were received, the amount received, and the date and nature of the transaction,” Coin Center executive director Jerry Brito detailed, adding:


Coin Center is a leading non-profit research and advocacy center focused on the public policy issues facing cryptocurrency. The organization filed a lawsuit against the Treasury Department in June 2022 challenging the constitutionality of this new crypto law. However, Brito emphasized that “the case is still in the courts,” cautioning: “Unfortunately for the time being there is an obligation to comply — but it’s unclear how one can comply.”

The executive director outlined some potential challenges in complying with the new regulations. “For example, if a miner or validator receives block rewards in excess of $10,000, whose name, address, and social security number do they report?” he began. “If you engage in an on-chain decentralized exchange of crypto for crypto and you therefore receive $10,000 in cryptocurrency, who do you report? And by what standard should you measure whether an amount of a particular cryptocurrency is equivalent to more than $10,000?”

He also questioned when someone makes a donation, such as in bitcoin (BTC) or ether (ETH), anonymously to a public address, who would the recipient list as the donor? “These are all questions the Treasury Department has yet to answer,” the executive director stressed.

Noting that the Internal Revenue Service (IRS) “has not issued any guidance answering these and other questions,” Brito further pointed out that there is also currently no form provided by the Treasury Department to report crypto transactions.

“The Secretary requires ‘cash’ to be reported using Form 8300, but has not explained how cryptocurrency, which is now a form of ‘cash’ under the law, should be reported on this form,” he described, adding: “Form 8300 is today sent to FinCEN [Financial Crimes Enforcement Network] as well as the IRS. Unlike with physical cash transactions, FinCEN has no authority to collect reports concerning cryptocurrency transactions, so one cannot be required to send Form 8300 there.”

Brito also clarified that the law applies to individuals as well as businesses. He explained in an X post on Tuesday:


Moreover, he noted: “If I’m an NFT [non-fungible token] artist it would also cover me even if I don’t have an incorporated business, etc.”

While reiterating, “Again, it is not just ‘businesses’ that must comply but individuals too if they receive the funds in the course of their trade or business,” the Coin Center executive director opined: “That all said, what constitutes ‘trade or business’? Well, it’s not exactly clear from Treasury guidance to date. No clear bright line rule that I can find.”

Source: https://news.bitcoin.com/new-crypto-tax-law-takes-effect-in-us-transactions-of-10000-or-more-must-be-reported-to-irs-within-15-days/

Ordinals Founder Casey Rodarmor Warns Bitcoin Maxis That 'Whining' Makes Them 'Look Weak'

Casey Rodarmor, the developer of the Ordinals protocol, has called out ideological Bitcoin maxis for their views on inscriptions and censoring transactions on the Bitcoin blockchain. Rodarmor stated that the “whining” around the protocol and its usage of block space make them “look weak,” contradicting the idea that Bitcoin is “unstoppable internet money.”

Ordinals Dev Casey Rodarmor Blasts Bitcoin Maxis ‘Whining’

Casey Rodarmor, the developer of the Ordinals protocol, which enables the possibility of issuing inscriptions, media embedded directly on the Bitcoin blockchain, has called out Bitcoin maxis for its complaints.

In a recent blog post, Rodarmor explained that the philosophy of the so-called Bitcoin maxis was incompatible with their beliefs, making them “look weak” with their “whining” on the use of ordinals and inscriptions.

Rodarmor stated:


Rodarmor also criticized the attempts to “censor” inscriptions, insisting that building code to achieve this goal would be detrimental to the ecosystem, given that it would also enable other kinds of censorship in Bitcoin.

The rise of the Ordinals protocol has caused a series of discussions in the base of the Bitcoin community, with some developers and users considering it a form of “spam,” even leading to talks of a possible hard fork. Nonetheless, for Rodarmor, there is a simpler solution to the issue.

He discussed that ignoring them is the best choice, as the market will eventually price out inscriptions when more use cases compete for Bitcoin block space. He explained:


“Bitcoin’s destiny is high fees. Embrace it,” he concluded.

Source: https://news.bitcoin.com/ordinals-founder-casey-rodarmor-warns-bitcoin-maxis-that-whining-makes-them-look-weak/

Jim Cramer: Bitcoin Can't Be Killed — It's a Technological Marvel That Is Here to Stay

Jim Cramer, the host of CNBC’s Mad Money show, has made some bullish statements regarding Bitcoin. Noting that the crypto cannot be killed, he emphasized: “It’s a technological marvel, and people have to start recognizing that it’s here to stay.” He further stated that the late Charlie Munger, Warren Buffett’s former right-hand man, was wrong about bitcoin.

Jim Cramer on Bitcoin: ‘You Can’t Kill It’

Mad Money host Jim Cramer, who has outwardly expressed his skepticism about bitcoin and the crypto industry over the past years, made some bullish statements on CNBC Tuesday regarding bitcoin. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.

Commenting on Tuesday’s bitcoin price surge and the looming decision on spot exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), Cramer said:


While praising BTC’s “remarkable comeback,” Cramer expects that “people who are into [spot bitcoin ETFs] are using this chance to sell.”

Munger, who passed away on Nov. 28, was a well-known critic of bitcoin and other cryptocurrencies. Famous for calling bitcoin “rat poison,” and comparing BTC trading to trading turd, Munger also said the cryptocurrency is a “stink ball” among traditional currencies. He expected most crypto investments to go to zero, noting that it’s “ridiculous” and an “absolute horror” that anybody would buy crypto. He recommended investors avoid crypto “as if it were an open sewer, full of malicious organisms.”

Cramer, once a bitcoin advocate, became increasingly critical of the cryptocurrency over the past years. After recommending putting up to 5% of portfolios in bitcoin in March 2021, he sold his holdings due to ransomware concerns and China’s mining crackdown. In June 2021, he revealed that he bought ether (ETH) after dumping almost all of his BTC. The Mad Money host then became concerned about Binance, FTX, and Tether. In December 2022, he advised investors to get out of crypto now. “I wouldn’t touch crypto in a million years,” he said, adding that he expected the SEC to crack down on non-compliant crypto firms.

Source: https://news.bitcoin.com/jim-cramer-bitcoin-cant-be-killed-its-a-technological-marvel-that-is-here-to-stay/

Coinbase 'Extensively Prepared' for Spot Bitcoin ETF Approval

Crypto exchange Coinbase says that it has “extensively prepared” for spot bitcoin exchange-traded fund (ETF) approvals by the U.S. Securities and Exchange Commission (SEC). Most spot bitcoin ETF applicants have named the Nasdaq-listed crypto platform as the custodian for their bitcoin.

Coinbase Gets Ready for Spot Bitcoin ETF Launches

As the deadline approaches for the U.S. Securities and Exchange Commission (SEC) to decide whether to approve a spot bitcoin exchange-traded fund (ETF), Coinbase (Nasdaq: COIN) says it has extensively prepared its systems to custody BTC for spot bitcoin ETF issuers.

Most spot bitcoin ETF applicants have named the Nasdaq-listed crypto platform as the custodian of their bitcoin, including Blackrock, the world’s largest asset manager, Ark Invest, Bitwise, Wisdomtree, and Invesco. A Coinbase spokesperson told Bloomberg Friday:


The spokesperson also confirmed that Coinbase Global Inc.’s head of custody, Aaron Schnarch, recently departed the firm and has been replaced by Rick Schonberg.

The SEC is currently considering 13 proposed spot bitcoin ETFs. The first deadline is Jan. 10 for the joint application submitted by Cathie Wood’s ARK Invest and 21shares. Many expect the regulator to approve multiple applications by that date. The SEC gave spot bitcoin ETF issuers until last Friday to submit amended filings to be considered for the initial round of decisions in early January.

Coinbase has been pushing for the SEC to give clear crypto regulation. However, the firm faced a setback when the securities regulator rejected its petition earlier this month. In response, the crypto exchange has taken the matter to court, filing with the Third Circuit “to challenge the SEC’s arbitrary and capricious denial” of its petition for crypto rulemaking.

Source: https://news.bitcoin.com/coinbase-extensively-prepared-for-spot-bitcoin-etf-approval/

Definitely. I hope I don't need a new laptop to play it. Currently using an HP Omen Laptop to play.

New Year's Eve Sees Bitcoin Network Break Daily Transfer Record With Over 731,000 Transactions

As 2023 drew to a close on New Year’s Eve, the Bitcoin network eclipsed yet another record by verifying a significant 731,351 transactions in a single day. This achievement outstripped the previous high set on Dec. 24, 2023, or Christmas Eve, where miners confirmed a total of 723,459 transactions.

Bitcoin Ends 2023 With Record-Breaking 731K Transactions

The year 2023 saw a series of benchmarks surpassed in Bitcoin’s network and onchain activities as both the mining difficulty and hashrate soared to unprecedented levels, alongside a daily increase in transaction confirmations. On the cusp of the new year, miners cemented a record with 731,351 transactions verified on Dec. 31, 2023, largely propelled by Ordinal inscriptions.

New Year's Eve Sees Bitcoin Network Break Daily Transfer Record With Over 731,000 Transactions

On the same day, 314,003 inscriptions were processed, making up roughly 42.93% of the total transactions confirmed on Sunday. Meanwhile, bitcoin miners experienced a notably lucrative fee market in December. Despite breaking the daily onchain transfer record on New Year’s Eve, around 351,000 transactions remain in the backlog on Jan. 1, 2024. Over the preceding 30 days, miners authenticated a staggering 16,704,699 transactions, averaging 6.7 transactions per second.

With this latest milestone, the network managed an impressive rate of 8.10 transactions every second on Sunday, translating to about 30,000 transactions each hour. On Dec. 31, an average of 4,600 transactions were documented per block. As of Jan. 1, 2024, the intervals between block confirmations have ranged from 9 minutes and 39 seconds to 8 minutes and 55 seconds, with miners having validated a grand total of 946,371,028 transactions up to block height 823,890.

As 2023 gave way to 2024, the Bitcoin network not only celebrated a historic feat on New Year’s Eve but also showcased the unwavering momentum of its expansion. Nearly 43% of that day’s transactions were fueled by the rapidly growing trend of Ordinal inscriptions, reflecting the network’s ongoing evolution and its enduring capacity to accommodate new and diverse demands.

Source: https://news.bitcoin.com/new-years-eve-sees-bitcoin-network-break-daily-transfer-record-with-over-731000-transactions/

Robinhood Launches Crypto Trading in EU, Aims for Global Accessibility

Financial services firm Robinhood has announced the launch of crypto trading in the European Union. “Like we did with the stock market, it’s our goal to make crypto more accessible and affordable to everyone, regardless of where they live,” the company explained.

Robinhood Expands Crypto Trading Services

Financial services firm Robinhood launched its crypto trading platform in the European Union on Thursday, offering investors the ability to buy and sell more than 25 cryptocurrencies. The announcement details:


EU residents aged 18 and over with compatible iOS and Android devices can now access Robinhood Crypto, the company clarified. The announcement further details: “Support for additional tokens, crypto transfers, crypto staking, crypto learning rewards, and more are all expected to launch in 2024.”

Johann Kerbrat, general manager of Robinhood Crypto, commented: “We believe crypto is the financial framework for tomorrow and that it plays a significant role in our mission to democratize finance for all … The EU has developed one of the world’s most comprehensive policies for crypto asset regulation, which is why we chose the region to anchor Robinhood Crypto’s international expansion plans.”

Robinhood explained that as a publicly traded U.S. company, it is regularly reviewed by third-party auditors and Robinhood Crypto has taken a conservative approach to supporting digital assets.

The platform’s trading volumes across equities, options, and crypto surged in October compared to the previous month, according to data published in November. Equity trading volume jumped 15% to $50.8 billion, options contracts traded climbed 11% to 96.6 million, and crypto trading volume soared 92% to $2.3 billion.

The announcement adds:


Source: https://news.bitcoin.com/robinhood-launches-crypto-trading-in-eu-aims-for-global-accessibility/

Japan Mulls Exempting Companies From Paying Taxes on Unrealized Cryptocurrency Gains

Japan is considering exempting corporations from paying unrealized gains income taxes related to cryptocurrency holdings. The measure, proposed as part of a reform in Japan’s tax code, would allow companies to avoid paying taxes for cryptocurrencies even if their market value changes during each fiscal year.

Japan to Stop Taxing Corporations for Unrealized Cryptocurrency Gains

The Japanese government is about to overhaul its tax code, improving the regime for companies holding crypto long-term. A new consideration in the tax code discussed by policymakers and slated to be part of the 2024 tax reform establishes that cryptocurrency holdings of corporations would not be taxed for unrealized gains.

Currently, Japan taxes the cryptocurrency holdings of corporations by taking market prices at the start and the end of each fiscal year as a reference, something that has been widely criticized as detrimental for companies holding these assets. The approval of this proposal would mean that companies holding these assets in foreign countries — like Singapore, Dubai, and Switzerland — could bring their crypto holdings to Japan. However, this would mean that the Japanese government would also lose part of the tax collected from companies, taking an undetermined hit.

Nikkei Japan clarifies this would only apply to cryptocurrencies being held as part of companies’ property and not used for short-term trading purposes.

The Japan Blockchain Association called for these changes in June, stating that the tax regime was hindering the growth of Web3 in the country and causing market instability due to the need for companies to sell part of their currencies to pay the corresponding taxes.

Japan has been progressing in the cryptocurrency taxation field, having lifted another tax on cryptocurrencies self-issued by companies in June. Before, companies had to pay taxes on unrealized gains for cryptocurrencies they themselves issued. However, this measure was lifted, opening Japan for companies that want to issue, or have issued, such currencies.

Source: https://news.bitcoin.com/japan-mulls-exempting-companies-from-paying-taxes-on-unrealized-cryptocurrency-gains/

Harden your system before you're using crypto

Enable 2FA for exchanges, your e-mail accounts, etc.

Store your long-term savings on hardware wallets.

Delete inactive accounts on various websites that you're no longer using so that your personal information cannot be stolen.

Be careful about links in e-mails and unsolicited Telegram, WhatsApp, whatever chat contacts.

Create a wallet with just $10 in it in case someone is trying to harm you physically ($5 wrench attack)

Robert Kiyosaki Says Prepare for Hyperinflation — Sees Bitcoin as the 'Best Protection'

Rich Dad Poor Dad author Robert Kiyosaki has urged investors to prepare for hyperinflation, emphasizing that bitcoin is “your best protection.” He perceives the cryptocurrency as “people’s money,” the value of which cannot be controlled by governments.

Robert Kiyosaki: Bitcoin Is Your Best Protection

The author of Rich Dad Poor Dad, Robert Kiyosaki, is advising investors to prepare for hyperinflation, emphasizing that he views bitcoin as the best protection. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

In a post on social media platform X on Sunday, Kiyosaki shared that he was “just in Germany to celebrate 100 years since 1923, the hyperinflation that brought Adolf Hitler to power.” He added: “Are we about to celebrate hyperinflation too? I hope not. Yet our government leaders are the most incompetent ever.”

The renowned author proceeded to recommend: “Study Germany and Zimbabwe’s hyperinflation and prepare.” Noting that “Food will always be valuable as will guns, gold, and silver,” he stressed:


This was not the first time the famous author has warned about hyperinflation. In September, he explained on X: “Many people think hyperinflation means prices are going up. It means the exact opposite. Hyperinflation means the purchasing power of your money is going going. Don’t be a loser. Buy gold, silver, & bitcoin and be a winner not a loser.”

Kiyosaki has been recommending gold, silver, and bitcoin for quite some time. He previously said that the three investments are the best for “unstable times.” He believes that they provide “lifelong financial security and freedom.” In April, Kiyosaki said “America is dying,” warning of the demise of the U.S. dollar.

The famous author is not alone in expressing concerns about hyperinflation. Former Twitter CEO Jack Dorsey predicted in 2021 that hyperinflation will soon happen in the U.S. and the world. Venture capitalist Balaji Srinivasan said in March that hyperinflation is happening now. Economist Peter Schiff has also sounded the alarm on the matter, stating last year that major Fed rate hikes risk hyperinflation.

Source: https://news.bitcoin.com/robert-kiyosaki-says-prepare-for-hyperinflation-sees-bitcoin-as-the-best-protection/

1️⃣/C
2️⃣/C
3️⃣/D
4️⃣/C
5️⃣/B

WisdomTree Adds Coinbase as Custodian for Bitcoin ETF

America’s biggest crypto exchange is a favorite among traditional finance firms vying for a spot BTC product.

America’s biggest cryptocurrency exchange Coinbase has been again chosen by one of the contenders in the spot Bitcoin ETF race.

New York asset manager WisdomTree submitted a revised version of its application to the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund yesterday. 

In it, the firm, which has nearly $97 billion in assets under management, noted that Coinbase would be the custodian for the product.

San Francisco-based Coinbase is already custodian and surveillance-sharing partner for other applicants—Fidelity, VanEck, Ark Invest’s 21Shares, Valkyrie, and Invesco—including most notably BlackRock, the world’s biggest fund manager.

In July, The Wall Street titan selected Coinbase to be both custodian and surveillance-sharing partner in a revised filing following its original June application.

Coinbase is the leading crypto exchange in the U.S.

As a custodian, Coinbase would take care of storing the digital coins backing the fund’s shares. Surveillance-sharing refers to the activity of sharing information about trading, clearing activity, and customer identification to reduce the risks of market manipulation.

Traditional finance firms applying for a Bitcoin ETF have selected Coinbase because they see it as a trusted and legit institution: the crypto exchange went public on the Nasdaq two years ago and is the biggest digital asset brand in the States.

An eight-day window opened last week in which the U.S. Securities and Exchange Commission could approve the long-list of spot Bitcoin ETF applications sitting on its desk but the deadline passed today; it delayed two applications, putting on hold approval.

The SEC has until January 15 to approve or deny WisdomTree’s Bitcoin Trust.

Source: https://decrypt.co/149608/coinbase-winner-bitcoin-etf-race

Good news 

Bull market soon?

I stabilize money on BCHBULL when there are negative premiums.

Worst case: same dollar value comes back. Best case: I earn a few % money

Related article: A Major Vulnerability Found in Early Crypto Wallet Software Risks Billions in Assets

Satoshis coins are at risk now? 

Do you mean playing games like SatoshiDice with bitcoins and sports betting?

Hard to say, but I guess the percentage of gamblers is higher in Bitcoin compared to the rest of the world population.

Schatzale (Treasure, Southern Bavarian)