NYSE Files With SEC To List Two Proshares Bitcoin ETFs

There has been some news around Bitcoin ETFs for sometime now. NYSE has filed to list two ProShares Bitcoin cryptocurrency ETFs with the US Securities and Exchange Commission. ProShares is managing over $29 billion worth of assets under its management.

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The ETF is likely to provide only an investment product which will allow investors to invest in Bitcoin futures. No real BTC will be held. But it will certainly increase the profile of the crypto not only in the US but globally. It should result in better PR for it as well as greater adoption, when it continues to remain in the news as a speculative asset class for investors.

But according to the report on CNBC:

The funds would track either the Cboe or CME bitcoin futures and would invest their assets in benchmark futures contracts with the option of investing in contracts outside the benchmark. As custodian for the funds, Brown Brothers Harriman would oversee investment assets and cash equivalents as well as prepare and make regulatory filings. Marc Chandler and Win Thin, two of the bank's foreign exchange strategists, are widely followed among currency brokers.

NYSE is an investor in Coinbase, one of the big names in cryptocurrency exchanges globally. However, this will be NYSE's first move in the growing crypto-space. ETFs have been long considered as one of the best ways to increase Bitcoin's profile, especially if it has to mature as a speculative asset class.

Outside of institutional investors, ETFs and the futures market are quite complex for most people to understand. However, the PR value of having big guns investing into Bitcoin is huge. From what I understand, these days there are ETFs for pretty much everything. So, why not have one for Bitcoin eh?

After all for investors in this space, more money flowing into cryptocurrencies such as Bitcoin which sort of serves as an Index in the crypto space means more upward swings are possibly in store.

We've also seen a considerable correction in it's value recently, but this has not affected the market as we're still above $600 billion in market-cap. Bitcoin Cash seems to be pushing hard towards increasing it's market share and it might not be too early to say that Bitcoin Cash promoters are looking to dethrone Bitcoin as the top currency in the future.

Bitcoin is the gateway to crypto currencies in most markets, especially nascent ones like India. The potential for it to grow is tremendous and it's unlikely to fade as the top crypto anytime soon.

However, as long as some of Bitcoin's major drawbacks remain in existence, we're unlikely to see mass adoption as a payment system anytime soon. I think it will remain a store of value for considerable time, continuing to grow as an asset class. But will it appreciate in value? I suppose we'll just have to wait and watch! For now let's hope SEC accepts NYSE's documents and ETFs come into play.

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NYSE Files With SEC To List Two Proshares Bitcoin ETFs—Will This Help Mainstream Bitcoin Adoption?

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