[2019-10-23] New Bitcoin ETF Proposal Filed by Gold Fund Veteran

[magneto]

Why are we still talking about ETF approvals at all?

I don't think that any ETFs in their current form is going to get approved by the SEC. They are honestly sending a very strong signal with each time rejecting the subsequent ETF application. Nothing has changed this time round so I don't know why people are expecting a different result.

Besides, I've grown sick of saying this, but ETFs don't matter at all to actual adoption. They are all about allowing fund managers and institutions to profit more, and does not affect the fundamentals of BTC whatsoever.

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But are we really that excited of the prospect of this getting approved or has this become just another routine and a boring one? And in the first place, do we really need an ETF?

The SEC have perfectly reasonable doubts about the market itself that no application can ever address. It's an objection that goes to the entire foundations of how the market rolls.

In future there should be less overtly crooked or amateurish operations. There may also be some proper decentralised exchanges which would probably turn the SEC off even more.

No one and nothing needs an ETF. It might be a neat bonus but I don't think it'll ever happen.

They will always try to submit bitcoin ETF proposals even it was and will be rejected again. Since there are many proposals now and several denials, ETF becomes a common thing in the market, no more hype unless one is accepted.
Yeah, we know bitcoin ETF has no chance of being accepted as long as the bitcoin market capitalization is still relatively small and prone to be manipulated.

[chaoscoinz]

Delaware-based asset manager Kryptoin Investment Advisors applied with the United States Securities and Exchange Commission (SEC) to launch a Bitcoin (BTC) Exchange Traded Fund (ETF) on Oct. 15.

The company plans to hold Bitcoin and value the shares of the trust according to the Chicago Mercantile Exchange Bitcoin Reference Rate. The cryptocurrency will be held at an unspecified third-party insured custodian that is also regulated under the Investment Advisers Act of 1940.

The SEC filing also details that the Trust will hold Bitcoin “in seeking to ensure that the price of the Trust’s shares is reflective of the actual bitcoin market.” However, the Trust will not purchase or sell bitcoin directly but will acquire it via shares called “baskets.”

Read more of this news here...




Of course, winner never quits and quitter never wins. After many rounds of rejections of ETF applications suffered by different proponents, here comes another entry and this time around by the Kryptoin Investment Advisors and is going to be called Kryptoin Bitcoin ETF Trust. The strategy here has become throw all the gel you've got and soon one will eventually stick on the wall.

But are we really that excited of the prospect of this getting approved or has this become just another routine and a boring one? And in the first place, do we really need an ETF?

Hell the way that I see it is this, companies should continue to throw ETF's at the SEC in hopes of one finally being approved. As of late, the ETF proposals have been put through the ringer and they've been rejected for well over a year now. The SEC regulatory body has cited the potential for fraud and heavy market manipulation (still a problem) as its main culprit for all of the denials. The financial researches have heavy doubts about one being approved before the end of the year .

Here is an article from CNBC explaining further, just a hypotheses though

https://www.cnbc.com/2019/10/15/bitcoin-etf-hits-another-snag-and-approval-wont-come-anytime-soon.html

[Kakmakr]

" However, the Trust will not purchase or sell bitcoin directly but will acquire it via shares called “baskets.”   So, this is just another one of those investment options that are based on something that can be controlled by a internal (centralized) private ledger. 

I never get excited when companies try to push for a approval for something that are not settled in actual bitcoins, because it adds zero value to Bitcoin. These companies are trying their best to adhere to all the requirements of the SEC and they are totally missing the point on what Bitcoin investments is supposed to be.