Michael Wursthorn

speaker

1,567 appearances 29 recordings 1 series first heard Jul 2017 last heard Nov 2021

Michael Wursthorn’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Bitcoin ETFs: What to Know If You Plan to Invest · 19 Oct 2021 podcast

ProShares is preparing to launch its Bitcoin futures ETF today.

So that all gets to sort of this regulatory process approval, the path that it really took.

And the fact that Bitcoin futures trading, that's a mature market and that's a regulated market in the eyes of the SEC.

So there you have those protections built in basically for investors in the sense that if there were to be some type of fraudulent manipulative trading of Bitcoin futures, the SEC and other regulators can identify that trading.

So that put them at more ease of allowing an ETF to operate in this sense.

And there's a number of other futures focused ETFs that are already out there.

There's obviously in the commodities market where there's a lot of futures trading.

There's a number of ETFs that track that.

We also have volatility tracking ETFs that largely trade in those cases VIX futures.

So the futures market's very mature.

And there was a certain level of comfort on the part of regulators to introduce Bitcoin futures.

into the ETF wrapper.

There's a few risks that are unique to the ETF itself, but then there's a few risks that are common with anybody investing in crypto securities or those related to it.

So there's the volatility that investors in this ETF would face just like they probably would with Bitcoin itself.

Both futures and the asset can be volatile.

Besides that, investors have to also consider the fact that

These ETFs have added trading costs that can cause the performance between the two assets to diverge even further.

So investors who expect Bitcoin-like performance in a Bitcoin futures ETF are going to be disappointed.

They're two separate asset classes and they will trade independent of each other, causing that differing performance.

These ETFs should be available to most investors that have self-directed brokerage accounts.

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