An exchange traded fund (ETF) for bitcoin will absorb competitive products in the form of gold in the next three years. This forecast at the Bloomberg Financial Innovation summit was announced by the head of MicroStrategy Michael Sailor.
According to his calculations, in the next two to three years, the cryptocurrency will absorb all the “gold” ETFs. Bitcoin ETF may also become a key asset index for the United States, and ultimately replace the SPDR S&P 500 ETF Trust altogether. However, for this, American regulators must approve the emergence of a spot Bitcoin ETF.
“As soon as spot [биткоин] ETFs, I think you will see billions flow into them, then tens of billions, then hundreds of billions, and then trillions of dollars, ”said Sailor.
Currently, only a couple of Bitcoin futures ETFs have been approved on the US market, which do not control Bitcoin itself. This means that the profitability of such funds may not correspond to real changes in the BTC price. This is due to the fact that such ETFs track the price dynamics of futures, and not the cryptocurrency itself.
Spot ETF will actually have bitcoin. According to Sailor, such an ETF will become the basis for institutional investors who want to invest in assets in the traditional way. The head of MicroStrategy also added that he plans to continue buying bitcoin.
In mid-October, the US exchange regulator approved the issuance of a Bitcoin futures ETF from ProShares. The product is available on the New York Stock Exchange under the ticker BITO. According to CoinShares, in the first week of trading alone, the fund raised $ 1.47 billion in capital.
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