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Bitcoin Is Surging Amid Chatter Of Winklevoss ETF Approval
While the implied odds of the SEC approving the Winklevoss Bitcoin Trust ETF (NASDAQ:COIN) aren’t very good, rumors are making the rounds that regulators will indeed give the OK to the unique fund next month.
This chatter has helped put Bitcoin prices through the roof. From Reuters:
Digital currency bitcoin hit its highest levels in more than three years on Thursday and came within $3 of an all-time peak, on speculation that the first bitcoin exchange-traded fund (ETF) is set to receive approval from the U.S. financial regulator.
Overnight last night, BTC did indeed hit new all-time highs, topping $1,200 for the very first time. And ss ZeroHedge points out, the gold-to-Bitcoin ratio has never been narrower:
A ten-day rally for the cryptocurrency has narrowed its gap with the precious metal to the smallest on record.
Each asset has been touted as an alternative to regular currencies, because of constraints on their supply and the capacity they offer to sidestep governments.
The U.S. Securities & Exchange Commission is set to rule on the proposed Bitcoin ETF on March 11. If approved, everyday investors will have simple access to the cryptocurrency on a major exchange for the very first time, which would no doubt legitimize Bitcoin’s existence and likely push its value much higher.
Many hurdles remain for the ETF to pass regulators’ tests, however. The SEC is worried about Bitcoin’s safety, security, volatility, and shareholder protection.
After going through nearly a dozen revisions since it was first proposed a few years ago, is the Winklevoss Bitcoin Trust ETF (NASDAQ:COIN) ready for prime time? We’ll find out soon enough.
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