Digital Currency Past Present Future - Bitcoin ETF is Coming

Bitcoin will be out of the cage sooner than expected - and bitcoin futures and ETF will be its wings! How far and wide can bitcoin fly will the next test.

Two Companies Filed for Bitcoin ETF

Last Thursday, Amplify Investments LLC filed for the Amplify Blockchain Leaders ETF, and Reality Shares filed for the Nasdaq Blockchain Economy ETF.

If we recall, the SEC in March rejected a bitcoin ETF proposed by Tyler and Cameron Winklevoss -- the co-creators of the Gemini exchange -- saying necessary surveillance-sharing agreements were too difficult given that “significant markets for bitcoin are unregulated,” according to the agency.

What is an ETF?

Retracing our Steps....Bitcoin ETFs Are the Next Step After Futures

CME Group Inc., the world’s largest exchange, revived its plans to introduce bitcoin futures by the end of the year, following fellow Chicago exchange Cboe Global Markets Inc., while a startup, LedgerX, offers swaps and options.

More bitcoin critics are changing their minds - Mark Cuban should feel alone now

CME Group President Bryan Durkin, said just a couple of months ago that he has no intention of launching bitcoin futures. In a Bloomberg TV interview, Mr Durkin said he doesn’t see going forward with a futures contract in the near future since bitcoin is “very nascent right now.”

The reason for his reversal can be found in CME CEO Terry Duff’s acknowledgment that clients are demanding such a product. Another reason is that CBOE announced plans to list bitcoin futures and LedgerX is already trading options and swaps.

Not Everyone is Happy

Themis Trading LLC, an equities brokerage agency for institutions, has joined the attack on CME Group’s decision to launch bitcoin futures. A recent blog on the company’s website argues that the U.S. Commodity Futures Trading Commission (CFTC) should not approve CME’s bitcoin futures.

Other Wall Street investors have also spoken out against CME’s bitcoin futures and compared it to collateralized debt obligations that caused the 20098 financial crash.

Calling themselves “market structure critics,” Themis Trading states right off the bat that they are “by no means cryptocurrency experts” and have joked that they would never write a note on blockchain.

Survey Results: The First Digital Asset ETF will be live by end of Q1 2018

Based on Coindesk lastest "The State of Blockchain" report, 77% of the survey respondents believe that the bitcoin ETF will arrive in Q1 2018. Below is the survey results:

Source: Coindesk

Bank of America Bullish on Bitcoin ETFs, Anticipates 1.6 Billion USD Market

Bank of America Merrill Lynch (BAML) reported how bitcoin has the potential of reaching over one and a half billion dollars as a market for exchanges, suggesting Cboe Global Markets, Inc. (Cboe), due to its out-front attitude on cryptocurrencies, will be an early winner in such an exchange-traded fund (ETF) environment.

With a few baked-in assumptions, BAML pegs foreign currency exchange market (FX) volume to around 1.65 trillion USD. FX currency markets cast a huge shadow, and their decentralized and around-the-clock trading seems match-made for bitcoin. If, BAML projects, the world’s most popular cryptocurrency can grab ten percent of that trillion dollar volume, then the 1.6 billion USD number is arrived at rather easily.

Bitcoin Continues to Gain Usage for Retail Purchases

More and more retailers are accepting bitcoin as a form of payment. Below is the not-all-inclusive list of major retailers:

1.) Virgin Galactic
2.) Overstock.com
3.) TigerDirect
4.) Dish Network
5.) Expedia.com
6.) Newegg.com
7.) Microsoft
8.) eGifter
9.) Gyft
10.) Zynga
11.) Starbucks
12.) Subway
13.) AutoPartsWay

Sources:
https://www.cryptocoinsnews.com/bitcoin-continues-to-gain-use-for-retail-purchases/
https://news.bitcoin.com/two-companies-file-blockchain-etfs/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications
https://www.bloomberg.com/news/articles/2017-10-31/bitcoin-etfs-loom-as-derivatives-pave-way-for-big-investors.
https://www.cryptocoinsnews.com/equities-trading-agency-warns-against-cmes-bitcoin-futures-plan/
https://news.bitcoin.com/bank-of-america-bullish-on-bitcoin-etfs-anticipates-1-6-billion-usd-market/

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Disclosure: I do not intend to provide investment advice through this article and do not represent that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the article in the process of making a fully informed investment decision.

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