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17th September 2021 > > BTC exchange traded fund.

tl;dr

We are still waiting on the SEC.


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Market Wrap

The shuttering of industrial plants due to the rapidly rising cost of energy – a deliberate policy enacted by western governments with pretty much overwhelming support from the electorate – will further exacerbate supply chain issues.


These supply chain issues are, for most countries, caused by the pandemic and will fuel the inflation beast we are seeing in the wages of the lowest paid (a good thing) and in prices (generally, a bad thing unless kept in check).


Governments that have been enthusiastic users of quantitative easing will have to start being a little more creative in their policy decisions. Whether the broader electorate will continue to support large, deliberate price increases in energy costs or not remains to be seen.


Occasional Series – Met Gala

The photos of this event all show the schlebs maskless and the waiters/waitresses/ushers etc. all wearing masks.


Assuming that this event was entirely free of hypocrisy, that must mean the now dominant variant of Covid is one that only infects poor people. We should be told.


Curious Cryptos’ Commentary – That US BTC exchange traded fund (ETF) again (and again)

Some longer-term readers may be starting to get a bit weary of this topic, but I cannot stress how important it is going to be to current BTC holders.


Canada has several crypto related ETFs, as does Brazil and Malaysia. Germany has various exchange traded products, which although not pure ETFs, get close to one in structure and pay-off.


There are at least seven different applications for a BTC ETF sitting on the desk of Gary Gensler, chair of the SEC. A recent comment from him suggests that political machinations are at work behind the scenes:


“While I’m neutral on the technology, even intrigued, I spend three years teaching it, leaning into it – I’m not neutral about investor protection. If somebody wants to speculate, that’s their choice, but we have a role as a nation to protect those investors against fraud.”


I sense that the applicants of these ETFs are beginning to get a little frustrated with Gary’s lack of movement on this topic.


Jan van Eck, president of Van Eck has publicly stated:


“We really think the SEC should approve a Bitcoin ETF. Can’t predict what the SEC will do, but investors are really asking for a more efficient access vehicle.”


Meanwhile, Fidelity Investments have made public a private meeting they had with the SEC. Present at that meeting was Tom Jessop, President of Fidelity, demonstrating the importance of this subject to his firm.


The benefits to potential investors offered by a BTC ETF are legion. Execution risk is taken away. Custodial risk no longer exists. Pricing becomes more transparent. The impact that leveraged players have on price movements gets a little more distant.


And you all know what I think will happen to BTC price action on the day that a BTC ETF finally gets approval.

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