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Will a US Bitcoin ETF get approved this year?

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Bitcoin performance this year has garnered interest from mainstream media, but regulatory hurdles have been an issue that the cryptocurrency market has grappled with for years. The US Securities and Exchange Commission [SEC] has had a long history of rejections when it comes to Bitcoin Exchange Traded Funds [ETFs].

Market enthusiasts believe that 2021 could be the year we can finally see BTC ETFs getting approved by US SEC. Lyn Alden, macroeconomist and Lyn Alden Investment Strategy founder, was asked her opinion on how and which one the SEC would pick.

Alden noted in an interview with Peter McCormack:

“I assume one’s [ETF] coming and I admittedly don’t know how it works when everybody wants one. I don’t know how they [SEC] pick who gets to have one.”

Comparing the situation to the nearest asset class like Gold, Alden noted that the original Gold ETFs were extremely liquid, so investors who chose the original firm for option trading ended up paying a higher fee. However, with more Gold ETFs in the market, there was competitive pricing, but the other firms may not be as liquid.

Alden added:

“You could see that, to some extent, in the Bitcoin space you have multiple ETFs, once you’re allowed to use that asset class as an ETF.”

There has been an increasing number of companies filing for Bitcoin ETFs, including the Investment firm Fidelity. Its subsidiary, FD Funds Management recently submitted an S-1 filing to the SEC outlining its intention to financially back the ETF. However, before Fidelity, there have been over ten filings with the SEC for the same and it included firms like Valkyrie and New York Digital Investment Group LLC [NYDIG].

According to Alden, it is time for SEC to approve the Bitcoin ETF and the reasons they had stated before of Bitcoin being “too volatile” may not work this time, taking into consideration the current state of the stock market.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/will-a-us-bitcoin-etf-be-approved-this-year

Blockchain

European Hedge Fund Brevan Howard to Invest $84 Million In Cryptocurrencies

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It should be no surprise that more traditional corporations join the crypto fever by investing in bitcoin or adopting blockchain technology. Brevan Howard, a European hedge fund, is the latest asset manager to join the movement.

Bloomberg reported that the asset manager is preparing to invest $84,000,000 in digital assets, representing 1.5% of its $5.6 billion hedge fund. Jonny Steindorff and Tucker Waterman, co-founders of crypto investment firm Distributed Global, will oversee the initial allocation.

Betting on Several Cryptos

According to a person familiar with the matter, the fund will have a diverse portfolio by focusing on several crypto assets besides bitcoin and ether. Its co-founder, Alan Howard, has vast experience in the field, investing in cryptocurrencies and backing the crypto funds of US-based One River Asset Management.

Howard is now expanding his investments following a year of record gains. He now joins the likes of Paul Tudor Jones and Stanley Druckenmiller, well-known hedge fund managers who have turned into prominent bitcoin supporters, calling BTC a better store of value against declining fiat than gold.

A Hedge Against Fiat

The US government has taken measures to fight the pandemic with a 1.9 trillion COVID-19 relief package – the most recent one. Several analysts in the field have warned about a possible state of inflation for the US Dollar as the Federal Reserve is printing large sums of paper money.


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As reported, Druckenmiller joined Jones by investing in Bitcoin. During an interview on CNBC, he admitted that he’s long on BTC, adding that the crypto could become a better store of value against that scenario.

“I’m a bit of a dinosaur, but I have warmed up to the fact that Bitcoin could be an asset class that has a lot of attraction as a store of value,” — said Druckenmiller

Last year, Jones started buying bitcoin when the COVID-19 hit the global markets in March. His hedge fund, the Tudor Investment Corporation, has been investing part of its capital in bitcoin futures.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/european-hedge-fund-brevan-howard-to-invest-84-million-in-cryptocurrencies/

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DOGE passes Uniswap and Litecoin to become 8th largest cryptocurrency by market cap

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The price of Dogecoin has surged seemingly without any push from prominent figures on social media or major developments in the project. 

According to data from CoinMarketCap, the price of Dogecoin (DOGE) is more than $0.18 at time of publication, with a market capitalization of roughly $23.8 billion. The token’s most recent rally had its price surge more than 63% over the last 24 hours, passing both Uniswap (UNI) and Litecoin (LTC) and become the 8th largest cryptocurrency by market cap.

More retail outlets have adopted the currency as a form of payment in recent days. On Tuesday, a popular Miami nightclub announced it would be accepting DOGE upon reopening as payment for tables, drinks, and merchandise.

Dallas Mavericks owner and DOGE proponent Mark Cuban also reported the basketball team’s store had sold more than 122,000 DOGE worth of merchandise — more than $16,000 at the time of publication — since first accepting the token in March. Cuban said the team “will never sell 1 single Doge ever.”

Though Tesla CEO and DOGE enthusiast Elon Musk has tweeted one of his memes amid the token’s price surge, the recent rally may simply reflect the climate around the crypto market. Mainstream media attention was largely focused on Coinbase’s COIN stock being listed on the Nasdaq this week as both the price of Bitcoin (BTC) and Ether (ETH) reached new all-time highs.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/doge-passes-uniswap-and-litecoin-to-become-8th-largest-cryptocurrency-by-market-cap

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Two surprising topics are currently more pressing to BlackRock’s institutional clients than Bitcoin

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Two surprising topics are currently more pressing to BlackRock's institutional clients than Bitcoin

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Institutions exhilarated to dabble with cryptocurrencies, but not enough to go all in. The continuous Bitcoin purchases from institutions are enough to place one under the impression that interest rates from these firms have hit the roof, but BlackRock’s Larry Fink finds that to be misleading to a large extent.

His reason being that from his firsthand experience, institutional clients are thrilled about cryptocurrencies, but not interested enough to go all the way through.

Institutions Care More About Climate Change, Inflation

This is not the case for every institution as we’ve seen in the past months, but a fair share of the big dogs are not consciously hunting for the bone. Fink tells CNBC’s SquawkBox that from his pool of clients at Blackrock, where $9 trillion in assets are under management, climate change and inflation are the leading topics that institutions are interested in discussing.

Ironically, these days, with the economical crisis plaguing most part of the world, inflation and cryptocurrencies are often mentioned under the same breath, but with Fink saying “Our broad-based client relationships, we’ve had very little interconnectivity on the conversation on crypto other than a fascination,” that reasoning might be flawed.

Although Fink stands to be corrected, he brings his own analysis to the table nonetheless. “We’re studying it,” he says. “We make money on it, but I’m not here to tell you that we’re seeing broad-based interest by institutions worldwide. Maybe they’re talking to somebody else, so I don’t want to suggest that we have perfect information.” He added.

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These institutions that Fink talks about may fall into the pool of institutions that analysts had previously claimed would not be influenced by their counterparts to buy Bitcoin.

Don’t close the books yet, there’s enough room for change

There are more than a handful of institutions in the United States, and over the past months, only a select few have made their way into the cryptocurrency market. But even though the crypto-market can only boast of the minority, the result of their arrival has been impeccable.

For one, Bitcoin at $64k is in part, a result of institutional accumulation. Tesla, Morgan Stanley and Goldman Sachs have been three of the highest profiled institutions to adopt Bitcoin in some form.

Ruling out the possibility that more institutions will become crypto-fans in the future will be inaccurate, as history has shown that the bigger players’ delayed arrival may be the result of risk management. For some, the stability in Bitcoin’s price could be the most important factor. For others seeing more hands hold could seal the deal. Regardless of what and how long it takes to float their boat, the wait has proven to be worth it time and time again.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/two-surprising-topics-are-currently-more-pressing-to-blackrocks-institutional-clients-than-bitcoin/

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