Bitcoin ETFs have been discussed for months now. Some might even liken them to the pot of gold at the end of the preverbal rainbow, or maybe the elusive unicorn. But make no mistake, when ETFs become available it will be the start of something big for Crypto.
Wall Street is making some clear signals toward crypto. We talked about Bakkt (form NYSE’s ICE) last quarter bringing bitcoin exchange and custody solutions for the financial institutions. And, it appears the FIs are ready! Most importantly Fidelity and TD Ameritrade have both announced crypto products, therefore the number 1 and number 5 brokerage firms, respectively (by total assets managed in the US) will be trading bitcoin. We thought ETFs were going to open some doors, imagine when anyone with a Fidelity account (like 27 million individual investors) are able to buy Bitcoin just like Tesla, Apple or the latest marijuana stock.
These and other Wall Street signs, are important to note.
- Morgan Stanly to offer Bitcoin swap trading.
- NASDAQ buys a crypto trading exchange.
- Goldman Sachs is working on bitcoin derivatives and more.
- Multiple ETFs are piling up on the SEC’s approval desk.
Ask yourself, would this be happening if Bitcoin was dead or dying? Who gets rich in emerging markets? Does Wall Street ever miss the boat? Did the SEC intentionally delay ETFs till December to see if BAKKT launches in November as planned? To me, it appears the big boys and girls continue to accumulate Bitcoin waiting for the mainstream pump er jump. And I’m not the only one thinking this way: see Joseph Young’s Stability in Crypto Market Suggests Massive Accumulation by Institutional Investors.
Note, the final deadline for the ETF decisions could be late February and into March, if the SEC maximizes their delays. It’s pretty safe to bet we will see ETFs before the end of the Q1 2019.
What are you currently doing with Bitcoin and crypto? Will you be inb4 ETFs?
Photo Credit: Sam valadi
