Mark Yusko, chief executive officer and chief investment officer at Morgan Creek Capital Management, remains hopeful that the SEC will approve a Bitcoin ETF soon.
What are the odds that the SEC will approve the crypto investment instrument?
Yesterday MarketWatch published an interview with Mark Yusko where he assured that Morgan Creek believes that the SEC will approve a Bitcoin ETF.
As the leading crypto increased its appeal as an investment instrument, it has resumed from the hope that new investment vehicles will be offered for Bitcoin, including a Bitcoin ETF.
In fact, Canada has recently approved a wide variety of Bitcoin ETFs as demand has increased. However, the US SEC has been quite reluctant to approve the crypto ETF.
Just yesterday we reported from CryptoTrend that Todd Rosenbluth, Head of ETF and Mutual Fund Research at CFRA Research, indicated the leading crypto’s ETFs will still take a year or two to reach the United States.
Yet Yusko noted that “Our view on the ETF is that it is going to happen.” He also added that they have invested in “one of the asset management groups that has a registered application.”
It is worrying that the United States is one of the most backward countries in terms of crafting an appropriate regulatory framework for the crypto market.
Bitcoin is not money, says the ECB
Isabel Schnabel, a member of the Executive Board of the ECB, has stated that it is wrong to call Bitcoin a currency or money during an interview with Der Spiegel.
In this sense, Schnabel explained that in your opinion, «It is incorrect to describe Bitcoin as a currency, because it does not comply with the basic properties of money». He basically argued that the leading crypto is a ‘speculative asset’ and, furthermore, it does not have any recognizable fundamental value.
Coinbase’s crypto valuation is ridiculous!
As we have previously explained, the crypto exchange Coinbase is about to launch its public listing and experts have previously pointed out that its valuation is exaggerated.
David Trainer, CEO of New Constructs, argued in a recent report that despite the financial results of the first quarter, the expected valuation of the crypto exchange remains “ridiculous,” according to Business Insider.
Does HSBC blacklist MicroStrategy for its crypto investment?
Apparently according to reports, HSBC clients will no longer be able to purchase MicroStrategy shares through the HSBC InvestDirect (HIDC) platform.
A Twitter user public an image where we can read a supposed message from the bank to its customers. In it, HSBC instructs users who already own MicroStrategy shares not to buy additional shares.
“HIDC will not participate in the facilitation (purchase and / or exchange) of products related to virtual currencies … or products related or that make reference to the performance of the virtual currency …”, states the statement.
Therefore, according to this, HSBC would be considering MicroStrategy’s shares as a product associated with crypto assets.
In a few lines …
- Robinhood said that 9.5 million of its clients traded crypto in the first quarter of 2021.
- Mati Greenspan, founder of Quantum Economics, warned that the latest action by the SEC on the LBRY case puts the crypto market in jeopardy.
- Enjin coin price has just hit a new high.