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Coinbase Global's (NASDAQ:COIN) asset management arm will launch on Thursday the Coinbase Bitcoin Yield Fund (CBYF), which takes a conservative approach to meet growing institutional demand for bitcoin yield, the company said on Monday.
The new fund seeks a 4%-8% net return in bitcoin per year, over a market cycle, with investors subscribing and redeeming bitcoin (BTC-USD).
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Rather than move assets out of storage, the Coinbase (NASDAQ:COIN) fund, uses third-party custody integrations to trade, "which we believe significantly reduces counter-party risk," the company said. Furthermore, CBYF's investment strategy avoids riskier high-interest bitcoin loans and systematic call selling.
https://www.msn.com/en-us/money/markets/coinbase-to-debut-institutional-bitcoin-yield-fund/ar-AA1DLjtJThe devil will be in the details of how this is implemented with their "uses third-party custody integrations to trade". That is a very vague and very opaque. And it is non-US only at least for now. See: https://www.coinbase.com/blog/coinbase-asset-management-launches-the-coinbase-bitcoin-yield-fund |
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Thought this was interesting: "Former President Trump visited a cryptocurrency-themed bar in Manhattan on Wednesday evening during a campaign stop, just days after unveiling a new crypto venture.
While at the PubKey, the Republican presidential nominee used bitcoin to pay for burgers that he bought for those in attendance. The bill was more than $900, according to The Wall Street Journal." https://www.foxbusiness.com/markets/trump-visits-crypto-themed-bar-nyc |
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This was certainly the headline: “Trump proposes strategic national crypto stockpile: ‘Never sell your bitcoin’” https://www.cnbc.com/2024/07/27/trump-bitcoin-conference-harris.html“The Biden-Harris administration’s repression of crypto and bitcoin is wrong and it’s very bad for our country,” Trump said. “Let me tell you if they win this election, every one of you will be gone. They will be vicious. They will be ruthless. They will do things that you wouldn’t believe.” |
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It just was approved....per CNBC https://www.cnbc.com/2024/01/09/-sec-approves-bitcoin-etfs-for-trading.html"The Securities and Exchange Commission has approved rule change applications to allow the first bitcoin ETFs in the United States, paving the way for the long-awaited funds to begin trading as soon as this week.
The decision will likely lead to the conversion of the Grayscale Bitcoin Trust, which holds about $29 billion of the cryptocurrency, into an ETF, as well as the launch of competing funds from mainstream issuers like BlackRock’s iShares.
The approval could prove to be a landmark event in the adoption of cryptocurrency by mainstream finance, as the ETF structure gives institutions and financial advisors a familiar and regulated way to buy exposure to bitcoin."
... Update: Now the SEC says this: "SEC Twitter 'Compromised,' Chair Gensler Says After Account Said Bitcoin ETFs Approved" https://www.coindesk.com/policy/2024/01/09/sec-twitter-compromised-chair-gensler-says-after-account-said-bitcoin-etfs-approved/ |
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Researchers at Fidelity Investments, one of the world’s largest asset managers, are doubling down on bitcoin, describing it as a “superior form of money” that gives it a value not replicated by other tokens.
In a white paper released last week, Chris Kuiper and Jack Neureuter wrote that bitcoin’s status as a “monetary good” and store of value puts it in a different investment category than other tokens, which they said exhibit venture-capital-like properties.
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For investors interested in digital assets, it’s best to think of those newer networks more like speculative venture-capital investments, the Fidelity researchers said, while bitcoin can be thought of as a monetary instrument.
https://www.barrons.com/articles/fidelity-bitcoin-401k-accounts-5e359383It has taken them a while, but at least they seem to have understood the value bitcoin brings people. |
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"A Bitcoin exchange-traded fund seems all but sure to come on the market within the next few months. Be careful in chasing gains the market has likely already priced in. On Friday, the Securities and Exchange Commission declined to appeal a recent loss in the U.S. Court of Appeals for the D.C. Circuit. In that case, a panel of judges unanimously concluded that the SEC erred in rejecting Grayscale Investments’ bid to convert the Grayscale Bitcoin Trust (ticker: GBTC) into an exchange-traded fund. ... " https://www.barrons.com/articles/bitcoin-etf-grayscale-how-invest-5e6b7393I believe they are correct about the inevitability of a BTC ETF. However, "priced in"? Perhaps in the short term it is priced in, but in the long term that seems very doubtful. The question is: what is the absolute demand for bitcoin from people who don't want to open an account at an exchange or hold their own coins? Just in my experience with people, people are often lazy. If they can buy it at Schwab, Vanguard, Fidelity, Merrill, eTrade etc in their brokerage or IRA that makes it much easier and less intimidating. |
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You have to love Peter Thiel today: 1. Warren Buffett is a "sociopathic grandpa from Omaha" 2. On ESG: "The finance gerontocracy that runs the country through whatever silly virtue signaling slash hate factory term like ESG they have, versus what I would call, what we have to think of as a revolutionary youth movement." 3. Blackrock/Fink/Jamie Dimon are part of the "gerontocracy" aligned against bitcoin, and consequently freedom and liberty for regular people around the world. He is right - the elites around the world don't want people to be free from their control, they want power and money and are willing to enslave the world to get it. Just look at who Buffett and his fellow American Oligarchs -like Bezos, Buffett, Dimon etc- support in the US. see e.g. https://fortune.com/2022/04/07/peter-thiel-bitcoin-warren-buffett-jamie-dimon-larry-fink/ |
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Given the events in Afghanistan over the last week, it is a great example of where bitcoin could have been of great use to the people of the country. The currency, the Afghani, fell to record lows. Anyone who owned bitcoin was protected and could escape the country with their assets, not worrying about capital controls or confiscation at the border.
Given that China sees how weak the current US administration is, Taiwanese should beware and should have escape plans in place: assets offshore in the US, EU, Switzerland etc and some large percentage in bitcoin. The people of Hong Kong had an opportunity to do so, and probably still have a slight window, but right now Taiwan is in a place where the people should be concerned about the communists at their door.
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"Sen. Elizabeth Warren shoots down a key reason investors buy bitcoin, calls for tighter regulation." (see https://www.cnbc.com/2021/07/28/sen-elizabeth-warren-doubts-bitcoin-as-inflation-hedge-wants-tighter-regulation.html) Did anyone think an autocrat like Warren would do anything except call for "tighter regulation"? She doesn't like freedom, she doesn't want people to be able to control their lives, and she doesn't like privacy. In short, she is an authoritarian, autocratic thug who loves the power that comes with the socialist/fascist/communist mentality where she commands people to behave exactly how she wants. She wants freedom for herself and her autocratic buddies to debase the currency without any independent escape hatch to allow people to protect themselves from her misguided policies. She is also an idiot: "Look at what’s happened in the high volatility in the price of these things,” the Massachusetts Democrat said. Yeah, anyone who bought it for inflation protection at any point until April 2021 has been well protected against inflation. Volatility is not risk. Over a more than a few month time horizon, bitcoin has been phenomenal. Anyone who listened it fools like Warren has missed out on a tremendous investment. And if history rhymes, then we still have 1 or 2 (maybe 3) orders of magnitude to go before bitcoin reaches a point of fiat price stability. Comments like her's are woefully ignorant: Warren, disagreed with “crypto coins are not going to have their own inflationary pressures” and 'she countered such a notion, saying inflation “may come from a different source than what happens with dollars."' Bitcoin will not have inflationary pressure as anyone with even the most basic understanding of bitcoin would understand. I still wonder about the obvious limited intelligence of the people who keep electing her. |
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The next day will be a big day for bitcoin since it looks like Taproot will lock in in about 20-24 hours (124 blocks as of this writing) - barring some craziness. Like the first halving, lightning etc, I suspect that plenty of people will be watching it closely to mark the occasion. All in all, this should be a big positive for the ecosystem.
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So more nonsense from the statist authoritarians in China today. Anyone mining in China should move their (or at least a large percentage of their) miners out of China. The thing to remember is that it is irrelevant where mining occurs. At worst, it slows blocks for a while, and makes it easier for other miners to win the blocks. Bitcoin’s price tumbled Friday following an intensified call from Chinese authorities to crack down in mining of the cryptocurrency.
In a statement from Chinese Vice Premier Liu He and the State Council, authorities said tighter regulation is needed to protect the financial system.
The statement, released late Friday in China time, said it is necessary to “crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.”
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https://www.cnbc.com/2021/05/21/bitcoin-falls-after-china-calls-for-crackdown-on-bitcoin-mining-and-trading-behavior.html |
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Fidelity Investments is preparing to launch its own bitcoin exchange-traded fund as the investment giant works to cement its clout in the market for digital assets and virtual currency.
FD Funds Management, a subsidiary of Fidelity, said on Wednesday that it plans to provide financial backing for an exchange-traded fund called the Wise Origin Bitcoin Trust.
... I thought this was interesting. Having more, larger, traditional, players involved in this can only be a positive. Both from having the ability to open up the market to even more participants who might not have had the wherewithal to invest their retirement funds outside an ETF and to having more availability of bitcoin via a US ETF. Who knows how long it will take, but with enough people pushing for it, it certainly helps. https://www.cnbc.com/2021/03/25/fidelity-wants-to-launch-a-bitcoin-etf-cryptocurrency-sec.html |
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This is an endorsement of Bitcoin when a socialist/fascist like Warren attacks Bitcoin. Of course she is to stupid she didn't even get Yellen's comment right. The authoritarians don't like people to have ownership of their minds or products of their own minds. It interferes with their quest for power. Democratic Senator Elizabeth Warren backed recent comments on bitcoin by Treasury Secretary Janet Yellen during an interview with CNBC’s Squawk Box on Tuesday. Asked if she agreed with comments saying the cryptocurrency was a “speculative” asset made by Treasury Secretary Janet Yellen late in February, the Senator said, somewhat coyly: “I think Janet’s a really smart woman.” When pressed, she said, “‘Speculative in nature and going to end badly’ – I don’t think Janet left a lot of room for ambiguity.” https://www.coindesk.com/bitcoin-warren-yellen-speculative-nature |
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Democratic Senator Elizabeth Warren backed recent comments on bitcoin by Treasury Secretary Janet Yellen during an interview with CNBC’s Squawk Box on Tuesday. Asked if she agreed with comments saying the cryptocurrency was a “speculative” asset made by Treasury Secretary Janet Yellen late in February, the Senator said, somewhat coyly: “I think Janet’s a really smart woman.” When pressed, she said, “‘Speculative in nature and going to end badly’ – I don’t think Janet left a lot of room for ambiguity.” https://www.coindesk.com/bitcoin-warren-yellen-speculative-natureThat is an endorsement of Bitcoin when a socialist/fascist like Warren attacks Bitcoin. Of course she is to stupid she didn't even get Yellen's comment right. |
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The chief banker at the bank for central banks, Agustín Carstens, cast doubt on bitcoin’s long-term viability Wednesday, saying it was only a matter of time before a 51% attack brings down the world’s original cryptocurrency.
...“Above all, investors must be cognizant that Bitcoin may well break down altogether. Scarcity and cryptography alone do not suffice to guarantee exchange,” he said.
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“So, clearly, if digital money is to exist, the central bank must play a pivotal role, guaranteeing the stability of value, ensuring the elasticity of the aggregate supply of such money, and overseeing the overall security of the system,” he said.
https://www.coindesk.com/agustin-carstens-bitcoinPerhaps he should (a) be more cognizant about what he is putting into his mouth (it isn't healthy) and (b) what is coming out of it when he clearly doesn't know what he's talking about. My suggestion would be that he read more prior to pontificating. He clearly has a not-so hidden agenda. |
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https://www.coindesk.com/agustin-carstens-bitcoinThe chief banker at the bank for central banks, Agustín Carstens, cast doubt on bitcoin’s long-term viability Wednesday, saying it was only a matter of time before a 51% attack brings down the world’s original cryptocurrency.
...“Above all, investors must be cognizant that Bitcoin may well break down altogether. Scarcity and cryptography alone do not suffice to guarantee exchange,” he said.
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This part was particularly rich: “So, clearly, if digital money is to exist, the central bank must play a pivotal role, guaranteeing the stability of value, ensuring the elasticity of the aggregate supply of such money, and overseeing the overall security of the system,” he said.
Perhaps he should (a) be more cognizant about what he is putting into his mouth (it isn't healthy) and (b) what is coming out of it when he clearly doesn't know what he's talking about. My suggestion would be that he read more prior to pontificating.
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The authoritarians (socialist, fascist etc) know that something like bitcoin will curtail their ability to: 1. Print money to debase and secretly steal money from people through inflation. 2. Control all uses of money in order to shut down debate. 3. Take assets across borders preventing their ability to control it. In short, bitcoin and p2p software will undermine their ability to control, rule, tax, and eventually destroy with their policies, the world. Bitcoin gives people power over themselves, power to control their own destinies and the power-hungry elite do not like it. |
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VanEck Proposes ETF for Bitcoin, Once Again
As 2020 draws to a close, one of the prior proponents for an exchange traded fund (ETF) based on Bitcoin is trying again: VanEck has submitted an application to the U.S. Securities and Exchange Commission (SEC) for the “VanEck Bitcoin Trust.”
An ETF is seen as advantageous because it trades on the stock market much like shares in popular companies like Apple and Microsoft do.
VanEck has previously proposed ETFs before, withdrawing its most recent application in September 2019. At the time the company said it remained committed to an exchange traded product.
https://www.coindesk.com/vaneck-proposes-bitcoin-etf-againEventually the statists will approve an ETF. It is just a question of when. Will this time be different? Who knows. Will it be a positive for the bitcoin fiat price? Opinions seem to vary, but my view is that the more options for people to use bitcoin, in this case for capital protection/capital appreciation, the better. |
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