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ohiofarmer (OP)
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December 15, 2013, 07:35:17 PM |
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The BIT Trust said they've raised $65 million in bitcoin investments in two months ( http://www.reuters.com/article/2013/12/11/us-etf-bitcoin-secondmarket-idUSBRE9BA15520131211), and that it comes from just 90 investors. That's an average investment of more than $700k. That's definitely not chump change. The crazy part is, that's barely one half of one percent of the total market cap for bitcoin. If the Winklevoss ETF ever gets approved, we're going to see a lot more than $32 million a month flow into bitcoin. Unfortunately, that article says it could take the SEC "years" to approve the ETF. |
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bitcoinpsftp
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December 15, 2013, 07:48:40 PM |
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I think that if the SEC were to approve it, bitcoin prices would more than double. Wow, how nice it would be to have insider information on when/if they will improve. One could make a killing on bitcoins in just a day.
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ohiofarmer (OP)
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December 15, 2013, 07:54:54 PM |
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I think that if the SEC were to approve it, bitcoin prices would more than double. Wow, how nice it would be to have insider information on when/if they will improve. One could make a killing on bitcoins in just a day.
Agreed. I think bitcoin won't actually enter a "mania" phase until we get a public ETF. Right now, it's just a lot for your average person to understand/figure out how to buy bitcoin. It seems easy to all of us, but when I talk about it with other people, they get a sneer and look at it like it's some sort of scammish fad... If investing in bitcoin is as easy as buying shares in Google or Apple, people are going to be all over it. I don't see why a bitcoin ETF couldn't grow as large as the gold ETF (GLD), which is currently worth $33 billion. That would triple the value of bitcoin... |
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bitcoinpsftp
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December 15, 2013, 08:09:42 PM |
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I think that if the SEC were to approve it, bitcoin prices would more than double. Wow, how nice it would be to have insider information on when/if they will improve. One could make a killing on bitcoins in just a day.
Agreed. I think bitcoin won't actually enter a "mania" phase until we get a public ETF. Right now, it's just a lot for your average person to understand/figure out how to buy bitcoin. It seems easy to all of us, but when I talk about it with other people, they get a sneer and look at it like it's some sort of scammish fad... If investing in bitcoin is as easy as buying shares in Google or Apple, people are going to be all over it. I don't see why a bitcoin ETF couldn't grow as large as the gold ETF (GLD), which is currently worth $33 billion. That would triple the value of bitcoin... Only tripple? I think it would do more than that. I think also one of the main reasons that many people are not investing, is because ITS SO DAMN HARD to put money into bitcoins. Very hard to buy them. An ETF would make it a piece of cake to buy shares. |
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cr1776
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December 15, 2013, 08:12:02 PM |
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When the Barclays Silver ETC (SLV) was approved in 2006 (after about a year), there was a period of about a month after they “cleared the last regulatory hurdle” from the SEC, and when it got final approval. Likewise, there was a potential a period of about a week from when they got final approval and when it could begin trading, although iirc it was only a day or two. So, there could conceivably be some notice. I agree though that I think the SEC is going to drag its heels and be slow to approve this if they ever do. Silver did go from around $10/oz in April 2006 to around $50 to around $20, some of which may have been due to the ETF. It is good that there is money behind this because it could be a long, expensive process. I think that if the SEC were to approve it, bitcoin prices would more than double. Wow, how nice it would be to have insider information on when/if they will improve. One could make a killing on bitcoins in just a day.
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ohiofarmer (OP)
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December 15, 2013, 08:15:29 PM |
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When the Barclays Silver ETC (SLV) was approved in 2006 (after about a year), there was a period of about a month after they “cleared the last regulatory hurdle” from the SEC, and when it got final approval. Likewise, there was a potential a period of about a week from when they got final approval and when it could begin trading, although iirc it was only a day or two.
So, there could conceivably be some notice.
I agree though that I think the SEC is going to drag its heels and be slow to approve this if they ever do. Silver did go from around $10/oz in April 2006 to around $50 to around $20, some of which may have been due to the ETF.
It is good that there is money behind this because it could be a long, expensive process.
I plan to keep accumulating bitcoin until the IPO. I'd REALLY love to see an alternative currency ETF, too, something that invested in a basket of the top 20 largest cryptos... That would really do well. If only I had the money to start one! |
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btbrae
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December 15, 2013, 08:16:46 PM |
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I think you underestimate how much $65 million has moved the price already... you would be better served looking at real figures rather than the market cap. The market cap tells you nothing that the price doesn't.
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bitcoinpsftp
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December 15, 2013, 08:17:07 PM |
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I do think though that the price of the share could never go lower than when they come out. People will make a butt load of money on this ETF. Only bad thing could be a catosrophic event like loss of the entire internet, or a better alt coin taking over. But huge money to be made by investing.
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EvilPanda
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December 15, 2013, 08:44:58 PM |
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Right now, it's just a lot for your average person to understand/figure out how to buy bitcoin. It seems easy to all of us, but when I talk about it with other people, they get a sneer and look at it like it's some sort of scammish fad...
I talked about it with my father, who is in his 70's, and when he heard that you have to buy the currency from another person, not a financial institution, it was like someone standing behind me started waving a banner with "scam" written on it. Even though older people have been scammed by the system many times, they would still support it over this mysterious computer network made by some youngsters who don't know real life... Somebody said that we aren't ready for BTC yet and he might be right. |
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bitcoinpsftp
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December 15, 2013, 08:46:29 PM |
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Right now, it's just a lot for your average person to understand/figure out how to buy bitcoin. It seems easy to all of us, but when I talk about it with other people, they get a sneer and look at it like it's some sort of scammish fad...
I talked about it with my father, who is in his 70's, and when he heard that you have to buy the currency from another person, not a financial institution, it was like someone standing behind me started waving a banner with "scam" written on it. Even though older people have been scammed by the system many times, they would still support it over these mysterious computer network made by some youngsters who don't know real life... Somebody said that we aren't ready for BTC yet and he might be right. I had the exact same experience. First question was "Do I have to send the money first to receive them". Automatic scam alert is what people get. Hopefully things will get easier as time goes by. |
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Cryptolator
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December 15, 2013, 09:34:38 PM |
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The BIT Trust said they've raised $65 million in bitcoin investments in two months ( http://www.reuters.com/article/2013/12/11/us-etf-bitcoin-secondmarket-idUSBRE9BA15520131211), and that it comes from just 90 investors. That's an average investment of more than $700k. That's definitely not chump change. The crazy part is, that's barely one half of one percent of the total market cap for bitcoin. If the Winklevoss ETF ever gets approved, we're going to see a lot more than $32 million a month flow into bitcoin. Unfortunately, that article says it could take the SEC "years" to approve the ETF. That's crazy, can't wait to see what will happen in 2014 ! |
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Patel
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December 16, 2013, 03:07:23 AM |
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I think that if the SEC were to approve it, bitcoin prices would more than double. Wow, how nice it would be to have insider information on when/if they will improve. One could make a killing on bitcoins in just a day.
Agreed. I think bitcoin won't actually enter a "mania" phase until we get a public ETF. Right now, it's just a lot for your average person to understand/figure out how to buy bitcoin. It seems easy to all of us, but when I talk about it with other people, they get a sneer and look at it like it's some sort of scammish fad... If investing in bitcoin is as easy as buying shares in Google or Apple, people are going to be all over it. I don't see why a bitcoin ETF couldn't grow as large as the gold ETF (GLD), which is currently worth $33 billion. That would triple the value of bitcoin... No doubt you'll see a sharp rise before the ETF gets approved. The SEC guys who approve it are going to make a killing |
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cypherdoc
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December 16, 2013, 04:26:54 AM |
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I think that if the SEC were to approve it, bitcoin prices would more than double. Wow, how nice it would be to have insider information on when/if they will improve. One could make a killing on bitcoins in just a day.
you don't need to know precisely when. now's the time to make your move. |
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