The New York Stock Exchange (NYSE) has become the latest to present a proposal for ETF Bitcoin to the SEC. NYSE plans to launch funds to track Bitcoin futures. The ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF will be the two exchange-traded funds that would allow traders to capitalize on the performance of volatile cryptocurrency futures.

These funds would closely follow the movements of the current currency. futures markets operating from CME and CBOE. From there, the funds would invest their assets in futures contracts with the option of investing in contracts outside of the benchmark. NYSE quickly pointed out that the funds would not actually hold Bitcoins, stopping at a step from a true Bitcoin ETF:

"By Being Futures Contracts on Bitcoin in the long term, the Fund seeks to increase the price of Bitcoin futures.The Sub-Fund will not be compared to the current price of Bitcoin and will not invest directly in Bitcoin.When the price of Bitcoin futures held by Bitcoin the Fund will diminish, the Fund will lose value. "

Addition of Additional Legitimacy

ETFs have been filed several times before. However, a lot has happened since these failures, and the fact that futures have been launched, and that the popular digital currency has reached a new level of acceptance, means that time could have come for the Bitcoin ETFs. If the NYSE successfully launches its futures ETFs, greater legitimacy would add to the unregulated and highly volatile assets, which could also lead to a further rise in the currency, as was the case before the launch. Win Thin, Global Head of Emerging Markets Strategy at Brown Brothers Harriman, the custodian of the proposed ETFs said:

"It's very hard for us, as a company". exchange analysts, to follow this.This represents greater integration.Hope that what will come out of it: greater regulatory control.Beyond that, we have no call on where it will go from there. here. "

Barry Silbert, founder and CEO of Digital Currency Group, said:

" I think this will finally allow the approval of ETFs Bitcoin, and other digital currency ETFs, which changes the game ",

No objection?

Although the twins Winklevoss and In the past, everything is different: with the successful launch of Bitcoin futures on the CME and CBOE stock exchanges, the SEC can no longer complain of the lack of A regulated mechanism for prices. This was their main objection when they rejected the ETF's earlier proposals. A Bitcoin ETF is considered huge for the currency because it would open up Bitcoin to traditional investors.