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Maybe Now You'll Understand Why the SEC Said ‘No’ to Bitcoin ETFs
June 15, 2017
The mission of the Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.
In March, the SEC denied applications seeking permission to list Bitcoin ETFs. The Bats BZX Exchange wanted to list the Winklevoss Bitcoin Trust (3/10/17), and the NYSE Arca Exchange wanted to list the SolidX Bitcoin ETF.
There should have been little doubt that both those applications would be denied - because the bitcoin, the underlying financial instrument for each fund - is simply too volatile for the typical investor.
- Over the past 3 months, the bitcoin has traded as low as $891.51 (on March 25) and as high as $3,025.47 (on June 11) – that’s a $2,133.96, or 240%, differential. And, for the record, these prices were leverage-enhanced.
- Just 4 days after hitting its record price of $3,025.47 on 6/11, the price of a bitcoin traded as low as $2,185.96 on 6/15 - that’s a $839.51, or 28%, differential.
- Meanwhile, the global market value of digital currencies fell from a record of $117.21 billion on Monday to below $100 billion Thursday, according to CoinMarketCap.
FINANCIALISH.COM TAKE AWAYS. Stay tuned next week for a series of articles on Bitcoins and other digital currencies.
