We at FintekNews have been following the progress of the Winklevoss twins efforts to get SEC approval for a bitcoin ETF for a very long time. The price of bitcoin has been climbing in anticipation of approval since an ETF to invest in bitcoin could raise $300M in just a week. Putting that much buying power into bitcoin would certainly drive the price up. However, wehave a word of caution on this decision. The SEC has an ACTING head and temporary staff waiting for the new President's appointment to head the agency, so will the decision be put off until a new SEC Commissioner is established? Will the interim head risk his career to approve something so game changing? Hmmmmm, just thinking.
(Bill Taylor/CEO)
Tyler and Cameron Winklevoss will know within days whether they’ve won approval to begin offering their bitcoin-based exchange traded fund, with the digital currency’s record rally hanging in the balance.
Officials from the U.S. Securities and Exchange Commission met with the twins on Feb. 14 to discuss their proposal for an ETF based on the digital currency, according to a short notice of the meeting published on Feb. 22. A decision is due by March 11. The 35-year-old twins want to trade the security on the Bats BZX Exchange Inc.
An approved ETF would make bitcoin investing simple for small traders and institutions, while potentially boosting the digital currency just as it’s hitting new highs almost daily. Some $300 million could pour into a bitcoin ETF in its first week, Spencer Bogart, head of research at venture-capital investor Blockchain Capital, said in an interview.
“I’d be very surprised if it did anything but double from whatever levels it is at beforehand,” Bogart said.
Bitcoin rose as high as $1,263.49 on Thursday, an intraday record, passing the price of an ounce of gold. It has gained 28 percent this year, as investors worried about global uncertainties and speculated on a more relaxed regulatory environment for the currency under President Trump. Hopes for the ETF have been a factor as well.
Read Full Article at Bloomberg