Bitcoin exchange trade funds are coming
Canadian regulators have approved the first bitcoin ETF in North America.
The Purpose Bitcoin ETF will invest directly in physically-settled bitcoin. It will be the world’s first bitcoin ETF, though Europe has several physically-backed products that act in a similar matter.
The issue will be whether it trades at NAV or a premium. If it consistently trades in line with the underlying, the flows will come (they’ll probably come anyway).
Other applications are in the pipeline in Canada and the race is on in the US as well.
Between this and the news yesterday from Mastercard and BNY Mellon, a race to $100K may be in the not-too-distant future. What’s baffling is that with ESG investing all the rage, this incredible energy sinkhole is getting all this love from regulators.