Bitwise Files For Physically Backed Bitcoin ETF

Bitwise chose a different path. While many companies were following Gary Gensler, the SEC chair,’s remarks recently and filing for ETFs for bitcoin futures, Bitwise did something differently. Matt Hougan (the asset manager’s chief information officer) shared his reasons on Tweet for why Bitwise chose to apply for approval of a bitcoin ETF rather than one based upon futures.

“There is already a Bitwise ETF filing that is BTC futures-based. Hougan stated that actual BTC is more valuable. “And we believe that it is finally possible.

Hougan created a thread to summarize Bitwise’s 100-page report. It explains why Bitwise believes that the U.S Securities and Exchange Commission will soon capitulate. Bitwise’s CIO cited three major reasons why a bitcoin ETF was better than a Bitcoin futures ETF. These were costs, dilution and tail risk.

Rolling futures (or ‘contango’) could run you more than 5-10% annually. Hougan also wrote that there are another 1-2% fees. Due to regulations, ETFs cannot hold 100% BTC futures. The majority aim for 85%. 15% can be used for other things, bonds, and even money! You can have things fall apart.

A futures-based Bitcoin ETF has [around] 6-12% all in costs, [around] 15% dilution, and tail risk. While it is useful for some investors, it is not ideal. Hougan said that a direct BTC ETF would avoid all of these issues.

According to Hougan, the SEC rejected Bitwise’s earlier filing for a bitcoin ETF in 2019 and wrote a 100-page note sharing their concerns about the market, including ‘their capability to monitor & enforce on manipulating’. To lead price discovery, the commission stated that they need a regulated market of significant size. This is similar to ETFs for commodities. Hougan argues that a regulated market for leading price discovery is already in place, which allows a bitcoin ETF approval.

“The CME is the most important source of price discovery in bitcoin markets!” This is in comparison to Coinbase and Kraken, Binances, Huobi, BitMEX, BitMEX, and even FTX. Hougan explained that prices move first on CME. “The market is maturing. A BTC ETF can be approved now.

Bitwise Asset Management has filed a second time with the SEC to offer a bitcoin ETF in America. Two analysis reports were also published by the firm. The first examines price discovery on the bitcoin market. The second analyses the likely effects of approval of a bitcoin-exchange-traded product.

Tesla CEO Elon Musk: It is not possible for governments to destroy cryptocurrencies

Elon Musk, a crypto enthusiast and Tesla CEO, believes it’s impossible for governments to destroy cryptocurrency while slowing down the progress made in the space. Musk, a long-standing advocate of cryptocurrency, particularly bitcoin and dogecoin was speaking at the Code Conference in California on digital technologies. Musk answered a question about whether the US government should regulate crypto. He said that it was not possible to destroy crypto. Musk said that governments can slow down the progress of crypto, however.

The US was due to vote on the final passage this week of the $1 trillion infrastructure bill. This bill included provisions regarding tax regulations around cryptocurrency. In the next few days, the bill will likely be brought to the floor. Musk stated that he would not recommend doing anything at the conference on the government’s decision to regulate the crypto space. He said, “I believe there’s some value to cryptocurrency, but it’s not the second coming of God,” he continued.

Musk also spoke out about the current situation in China regarding cryptocurrencies, noting that China has’significant electricity generation problems’. Because the demand for electricity is higher than anticipated, a lot of South China is experiencing random power outages. He suggested that crypto mining could be a factor in this. China’s central bank People’s Bank of China announced last month a complete ban on crypto mining in a statement.

Digital assets were affected by events like China’s crypto ban. This led to inflows of $95 million in digital assets last week. That brought the total inflows for the past six weeks up to $320m. Investors saw this as a buying opportunity, CoinShares, a digital asset management company, had reported in its weekly report.

Musk tweeted earlier this year that Tesla would no longer accept Bitcoin payments from customers to purchase electric cars. This was in response to concerns about the environment. Musk said that Tesla would accept bitcoin again if he ‘confirms that the percentage renewable energy usage will most likely be at or above 50%, and that there is a tendency towards increasing that number.’ Reuters reported Musk’s statement.

Bitcoin in 2050- Will Bitcoin Overtake Global Finance Soon?

Bitcoin is now known as the “crypto king”. As cryptocurrency began to enter the mainstream financial world, a growing number of big tech companies and financial institutions adopted Bitcoin. It is one of the most trusted cryptocurrency on the market. Bitcoin has lower transaction fees than other online payment systems, and it is managed by a decentralized authority.

Due to Bitcoin’s increased demand, investors saw significant swings in Bitcoin prices in 2020. This crypto asset became highly volatile due to its high prices. Many people believe that Bitcoin’s value will rise to a million dollars in the future. However, it could also plummet to zero.

What do the experts predict?

Recent predictions by crypto experts and panelists from the fintech industry have shown that Bitcoin will become the dominant form for global finance in 2050. According to a survey, 29% of experts think it will happen by 2035. Another 20% believe 2040 will be the year. However, 44% of experts believe that hyper bitcoinization will not occur. According to the survey, Bitcoin will be the preferred currency in 10 years time in developing countries. The value of Bitcoin could reach US$66284 by the end this year. However, in the short-term, they expect it to drop to US$25112 before it recovers.

Bitcoin has received increased support and attracted the attention of many companies and financial institutions around the globe, including JP Morgan and Tesla, Apple and PayPal. Many countries are now adopting cryptocurrency as their official payment system. Recently, El Salvador, a Central American country, became the first to accept Bitcoin as a legal currency. Others countries, such as Ukraine and Bulgaria, also have Bitcoin cryptos.

Martin Frohler (CEO of Morpher), was one of the panelists who predicted that Bitcoin prices would rise to US$160,000 before the end of this year. He believes that Bitcoin prices will rise because of institutional and corporate adoption. Joseph Raczynski (technologist at Thomson Reuter) believes that Bitcoin would surpass fiat currency by 2025, and be worth US$150,000. David Klinger, founder of Coteries Corporation, believes that Bitcoin will rise to US$50,000 before the end the year, but will be worth only US$5000 by 2030.

The Future of Bitcoin

Hyper bitcoinization is expected to increase due to the adoption of crypto by banks, governments, and large tech companies. Bitcoin investors are provided custodian services by banks. Many other financial service providers also offer investment products in Bitcoin or other cryptocurrencies.

Mainstream economists believe there are still many economic claims and conditions that need closer attention, despite all the innovation that has been unleashed on the financial markets since the advent of Bitcoin and other cryptocurrency.

There are many opinions on the future of Bitcoin. Economists have a very different perspective on Bitcoin than crypto market investors. It is still a matter of debate what the future holds for Bitcoin. It is still not clear if Bitcoin will become the global financial system or simply remain a new product.

Opinion | Bitcoin Cosplay Is Getting Real

Bitcoin believers have had a great month. Bitcoin is the currency of the future, or the future currency? – became legal tender in El Salvador.

It might be dismissed as a publicity stunt by some that a country with only one third of its population has access to the internet embraces a digital currency. To protest , some Salvadorans marched on the streets. This moment should not be minimized. Esperanto, the language for the future, has never been recognized as an official language in any country.

Bitcoin is a technology that claims to solve many problems associated with traditional national currencies. It’s designed to protect wealth from the depredations caused by inflation, financial intermediaries, and public authorities.

It doesn’t work. Some products are popular simply because they are useful. Bitcoin is popular even though it’s mostly ineffective. The simple fact that Bitcoin’s value has risen dramatically since 2009 is what has made it so popular. This has made some people wealthy and inspired others to ride the rocket.

It is not a virtual currency. It is virtual gold, which can be used to make speculative investments. This was possible thanks to some technical breakthroughs. It is the absurd apotheosis for our financialized economy. This asset is unmoored from any productive function. There were first bonds, then synthetic bonds, and finally Bitcoin.

There is a lot of confusion and uncertainty behind Bitcoin’s popularity and the hundreds of other imitators. It’s difficult to predict which aspects of human life will be improved by technology in this age of technological disruption. Those who didn’t see Amazon’s rise should not be too quick to dismiss the potential future of Bitcoin.

It’s important to be clear about Bitcoin right now.

Bitcoin’s supply is limited by design to avoid inflation. However, this does not mean that Bitcoin’s value is stable. It can rise, which is an advantage not available to traditional currencies. Sometimes, however, the value can fall just as quickly as during hyperinflation. El Salvador has made it mandatory for businesses to accept Bitcoin and promised to quickly convert it into real money. This is not the mark of a useful currency.

Because Bitcoin’s design is so rigid, it can be dangerously difficult to use as a substitute for national currencies. This is part of a long tradition that tries to stop politicians making poor economic policy decisions by stopping them from making any. This is an older example.

It is easy to overstate the security of Bitcoin. It is possible to lose it. It can be lost. According to some estimates, 20% of all Bitcoins in existence are no longer accessible due to passwords being lost or forgotten. After the founder’s sudden death, more than 100,000 people lost their Bitcoin and other virtual currencies to Quadriga in Canada. There was no record of the password.

You can also seize or steal Bitcoin. The German government used Enigma during World War II to protect its code. It was believed impossible by mathematicians. It was broken by the British, who figured out the password. This is also how the federal government apparently obtained a part of a Bitcoin ransom from hackers who had taken down the Colonial Pipeline this year and blackmailed its owners.

Most importantly, Bitcoin is expensive and difficult to use as a currency. If anyone is able to use it, they rely heavily on an infrastructure that is very similar to the traditional financial system. El Salvador contracted a financial company to develop digital wallets for its citizens. These are basically the same thing that used to be called bank account.

Virtual currencies are similar to pickup trucks and are designed for off-road use. However, the majority of users prefer to use the roads and highways.

Although it is possible, it is not likely that the new infrastructure will make the financial system more efficient. For example, it will make it easier to transfer money across borders. However, this has not happened yet. Bitcoin users are essentially a group of cosplay libertarians playing a game on the playgrounds provided by the nanny.

Bitcoin holders don’t see it as a currency. They are in it to make a fortune, which is what Bitcoin has been able to provide.

This is also a reason to be concerned. Bitcoin mining is an environment disaster that requires large amounts of electricity, more than Finland.

Speculative frenzies distract from productive investments and resources.

The bigger the bubble, it is more likely to burst.

I was not worried about Bitcoin until this month. This current frenzy can sometimes be compared with other famous bubbles such as the Dutch tulip craze in the 17th century. Both involve a small number of investors who have money to spare. The majority of Americans have never owned Bitcoin, and the Dutch did not buy tulips.

However, politicians should be more concerned if they start to take Bitcoin seriously. It’s a nice illusion to think that all the problems with the financial system can simply be fixed by replacing it. This kind of escapism is great for internet chatter. The national leaders should be aware of this.

Top-Notch Reasons To Buy The Bitcoin Dip!

Bitcoin, the top cryptocurrency company, has experienced a difficult time in recent years as bitcoin’s value tumbled along with the market capitalization. The market value of Bitcoin plunged significantly on May 19, and the price of bitcoin has remained stable at an average level since then.

The value of bitcoin remains enormous and immense, regardless of the market crash. However, short-term investors who suffered a loss from the crash are unsure whether they should invest in bitcoin.

Although bitcoin’s value may have dropped following the crash, it has resolved some problems. The crash has relieved the bitcoin mining industry. Crypto enthusiasts have also acknowledged the resilience of decentralized finance and exchange platforms in the event of a crash.

Investors are curious about whether to invest in bitcoin after the crash. There are websites which can help you purchase bitcoins via Paypal and make profitable results. These are just a few of the reasons you should invest in bitcoins after the dip. Let’s take a closer look.

How Did Bitcoin Become A Dip?

The bitcoin dip shocked all entities of the bitcoin network, as bitcoin’s value fell in an alarming amount. The value of bitcoin and almost all other digital coins declined to an exorbitant extent.

The fact that bitcoin fell half a percent from its highest price in just a few weeks after the market crash may shock you. After the crash, the bitcoin value was only $30000, while the value for ethereum was $2200. The average price of bitcoin fell by 30%, while ethereum’s value dropped by 45%. These are just a few reasons bitcoin experienced a dip.

US Crypto Panel –United States made a huge profit last year from bitcoin, thanks to crypto investors who earned a staggering $400 billion dollars. The growing interest in cryptocurrency by investors has prompted the United States to create a new cryptocurrency panel. This panel will have strict rules about bitcoin and other digital currency.

Elon Musk-Elon Musk was the co-founder and CEO of Tesla motors. This electric car company is based in California. Elon Musk is the most active entrepreneur within the cryptocurrency industry. Elon Musk also passed several statements about bitcoin. Most of these statements were in support of bitcoin and had a positive impact on the bitcoin price. The tweet by Elon Musk, 13 May, which stated that bitcoin would be suspended as a payment option for a while, however, has impacted the bitcoin’s value to an extreme extent.

China announcement Similar to the United States of America, investors in China were similarly investing huge amounts of money in bitcoin to receive a passive income. China announced recently that it would be cracking down on cryptocurrency. China announced on the 18th of May that it would crack down on cryptocurrency. This led to the cryptocurrency market crash. The crackdown didn’t stop bitcoin trading or investment progress, but it did include rendering services about cryptocurrency and banning Bitcoin mining. It is also the main reason for the cryptocurrency market crash.

Why You Should Invest in Bitcoin!

It is important to sell low and buy high when trading and investing. Bitcoin’s value is currently low, but it’s worth investing resources if it does rise. Although bitcoin may decline further in the coming months according to some economists, the technical analysis of bitcoin shows that bitcoin has different aspects.

According to a few reliable sources and technical breakdowns, bitcoin stays stuck at an average price for quite some time after a cryptocurrency market crash. In the next month or so, however, bitcoin begins to grow and then halts at an extraordinary milestone.

Bitcoin surpassed $65000 in April after the cryptocurrency market crash of 2020. Bitcoin is worth investing even after the cryptocurrency market crash, as many multinational companies support it.

These are just a few of the key reasons to invest in bitcoin.

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