york780, what do you think of the biggest ETH "BIT" being reviewed by SEC right now? I think this info had impact on BTC price.
Barry Silbert's Bitcoin Investment Trust offered whopping $1 billion in shares! Their previous offer was 'just' $500 million.
After SED disproved COIN ETF I usually disregarded news about other ETFs, but these numbers are huge. Will it make a difference this time?
If the SEC aproves an ETH ETF Bitcoin will have an huge correction because Bitcoin couldnt pull that off ( Coin ETF still getting reviewed but approval changes are small (10%)).
Lets focus on the differences between ETH and BTC.
ETH centralized, controlable (manipulative) -> can be regulated
BTC decentralized ( cant be regulated)
So on this one ETH has an huge advantage.
Also the influence of big investors like Microsoft and JPMorgan will put some pressure on the SEC's desicion.
Also a big advantage for ETH.
ETH has an infinite supply of tokens.
I think that the SEC wont approve an ETH ETF.
They cant protect investors from a company that just can produce more 'shares' when they want to.
Also all the ETH related ICO's arent popular for the SEC.
ETH has a smaller marketcap than BTC, the SEC likes a big marketcap because it offers a stability and invest insurance/safety.
BTC has a advantage over this one.
ETH is still new tech, with many challenges ahead (difficulty BOMB , ETC/ETH , not scalable)
ETH also has a bad reputation because of the DAO.
This are the most important differences between ETH and BTC (ETF related).
I think that ETH ETF wont get an approval yet, but it will in the future
IF ETH changes the things I pointed out.
But an ETH ETF is more likely than an BTC ETF in my opinion.
The first crypto backed by an ETF will be the n1 marketcap.
I expect a big selloff of the ETH tokens when the ETF gets denied (bubble + ATH , no support , look how it happened with BTC)
ETH isnt safe enough for an ETF.