Rosenbluth said that Bitcoin ETFs will take time to reach the United States but Yusko believes that their approval will soon occur. Even though some financial institutions consider that Bitcoin is not money, corporate entities are increasingly investing in it.
Mark Yusko, CEO and CIO of Morgan Creek Capital Management, believes that the US SEC will soon approve their Bitcoin ETF.
The main cryptocurrency in the market has become an increasingly appealing investment instrument. For that reason, there has been new hope of the offer of new investment vehicles for Bitcoin, including a Bitcoin ETF.
Given the increased demand, Canada has recently approved a wide variety of Bitcoin ETFs. However, the American regulatory agency has been quite reluctant to approve a crypto ETF.
Todd Rosenbluth, Head of ETF and Mutual Fund Research at CFRA Research, talked about this subject. He stated that the main cryptocurrency’s ETFs will still take a year or two to reach the United States.
As for Yusko, he stressed that their position on the approval of an ETF is that it will soon occur. In addition to that, he said that they have invested in “one of the asset management groups that have a registered app.”
There is concern that the United States is still behind in terms of crafting an appropriate regulatory framework for the crypto market.
According to the European Central Bank, Bitcoin Is Not Money
German political magazine Der Spiegel interviewed Isabel Schnabel, a member of the Executive Board of the ECB. She stated that it is wrong to call Bitcoin a currency or money.
She explained that “to describe Bitcoin as a currency, [it should] comply with the basic properties of money.” She argued that the pioneering cryptocurrency is a “speculative asset” that does not have any recognizable fundamental value.
David Trainer Argues that Coinbase’s Valuation Is Ridiculous
cryptocurrency exchange Coinbase is about to launch its public listing and experts have said that its valuation is exaggerated.
David Trainer, CEO of financial technology firm New Constructs, recently wrote a report on the aforementioned situation. He argued that the expected valuation of the crypto exchange remains “ridiculous” despite the financial results of the first quarter of 2021.
HSBC Blacklists MicroStrategy for Its Investment in Cryptocurrencies
According to reports, HSBC customers will no longer be able to buy MicroStrategy shares through their trading platform.
It is possible to read an alleged message from the bank to its customers in an image that a Twitter user recently posted. The financial institution told the users who already own MicroStrategy shares not to buy additional ones.
The message states that the institution “will not participate in the purchase or exchange of products related to virtual currencies.” They will not even accept “related products or those referring to their performance.”
This leads to thinking that HSBC would be considering MicroStrategy’s shares as a product associated with crypto assets. Therefore, the blacklisting of MicroStrategy seems to be part of the bank’s modified user policy that prohibits users from interacting with cryptocurrencies.
By Alexander Salazar