Yep, you are probably right. Though think about this... who sets the market prices for diamonds? That is one of the least transparent and subjective markets out there, yet they have are well on their way to an ETF, and that is just one example. The SEC is being pretty ridiculous about all their price manipulation fears. Ironically, allowing an ETF would bring more liquidity and likely decrease the ability for smaller players to manipulate.
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I can agree to that. Allowing more market instruments such as an ETF, as we've seen before with futures, and custodian solutions, will allow the market to mature further.
This will, in time at least, allow more players to take part in the Bitcoin markets, thus creating more liquidity, which in turn will allow the market to become more robust.
It's sort of a 'chicken or the egg' type of thing.