The ProShares Bitcoin Strategy ETF is already up more than 8.0% from its debut on Tuesday, and WisdomTree’s Jason Guthrie says part of the reason is that it’s “universally available”.
Guthrie’s remarks on CNBC’s ‘Street Signs Europe’
On CNBC’s “Street Signs Europe”, Guthrie said the first-ever bitcoin futures ETF will be equally exciting for both retail and institutional investors.
It was one of the most successful ever ETF launches, and that shows the depth of clients that didn’t have the route to market before, and do now because of the ETF; be that retail investors or institutions, I think we’re going to see a mix of people looking to use this one.
Bitcoin climbed to a record $67,000 on Wednesday despite restrictions from China – an indication that the largest Asian economy is losing its influence on the crypto market.
U.S. SEC has more control over the futures market
According to Guthrie, the U.S. SEC might have opted to approve a bitcoin futures ETF before a physically-backed one because it has “more direct control” over the futures market compared to the crypto exchanges. He, however, added:
I think the complexity that comes for investors either that’s through the contango and negative role yields which is run at circa 10% a year or the potential for concentration risk is something that will impact the product performance.
But Guthrie confirmed he wasn’t “negative” on the ETF that is now trading at $43.50.
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