Quote:
Originally Posted by lamboguy
Proshares just started an ETF to trade Bitcoin. it looks to me that Proshares is controlling the whole market in that thing. there are other companies that are trying to get in the deal.
that being said, this ETF trades off of future contracts of the Bitcoin, and my guess is they are basing this on the front month. i wonder what is going to happen when the Bitcoin futures are trading in a contango. contango is when future months are trading higher than the spot price. this happens at different times with all commodities that i have ever seen. to me this is going to spell trouble in paradise for Bitcoin and other cryptocurrencies. i suspect that since the ETF is brand new, that the price is on the move north right now. i wish i knew the number to come in on, but i think this will implode the same way the oil market imploded after they introduced ETF trading on oil. i am going to speculate that they will jam bitcoin up to reach $100,000 at some point and that might be a great spot to step in short the baby.
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this has been going down now for about a week. there is a 1-2 punch now at Crypto-currency.. first things first, Crypto is not a currency and it may survive as a security. Gensler looks like he's about to step in and regulate them. so now you not only have the vehicle to take Crypto apart, you now have the reason with Gensler. he got the silver market 10 years ago and he is going to get this thing as well.
