By Greg Adams from Blokt.com
Bryan Courchesne, the managing director of Digital Asset Investment Management, spoke with [blokt] about the Cboe Bitcoin ETF. Courchesne thinks that the SEC will not approve the ETF due to their concerns over manipulation in the underlying Bitcoin market.
The Cboe Bitcoin ETF filing, of which the SEC recently postponed a decision on approval, has been a key talking point in the Bitcoin and cryptocurrency communities since Cboe filed its application in June. The current deadline for approval by the SEC is September 30, 2018, which can be further extended to February next year, by which point the filing must be approved or denied.
Many Bitcoin investors and traders appear to believe that the SEC’s decision on this ETF could make or break Bitcoin, at least in the short-term. A common narrative is that an ETF approval would lead to a trend reversal for Bitcoin, sending it back into a bull market like the one seen in the second half of 2017. Another belief is that the denial of the ETF will lead to further drops and yearly lows for Bitcoin, with a long road to recovery ahead.
[blokt] spoke with Bryan Courchesne, the managing director of Digital Asset Investment Management, who helped to shed some light on Cboe’s ETF and provide some realistic expectations of the outcome. Digital Asset Investment Management is a registered investment adviser for digital assets. The first of its kind, DAIM is properly licensed to advise and manage digital assets in accordance to the highest standards, with the capabilities of placing digital assets into brokerage and retirement accounts. We’ve outlined the highlights of our discussion with Courchesne below.
The Cboe ETF Would Be Out of Reach for Most Retail Investors
Cboe’s proposal indicates an ETF of which each share is made up of 25 BTC with an assumed price of $8000 per BTC. This puts the total cost per share at $200,000. The ETF will only be purchasable in whole units, making this $200k price far out of reach of the majority of retail investors.
Read the rest of this article at Blokt!