ETF of the Week: Bitwise Crypto Innovators ETF

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ETF Trends CEO Tom Lydon discussed the Bitwise Crypto Industry Innovators (BITQ) ETF this week on the ETF Podcast of the Week with Chuck Jaffe on the MoneyLife Show.

BITQ tracks an index designed with Bitwise industry expertise to identify pioneering companies that generate most of their income from their crypto trading activities. It is a traditional ETF. Blockchain companies have rallied as cryptocurrencies return to the limelight, and BITQ was among the top performing ETFs last week.

Amazon

Exchange-traded funds linked to the blockchain industry have surged amid rumors that Amazon is considering accepting cryptocurrencies as a form of payment. According to an anonymous report published in the London City newspaper, Amazon plans to accept cryptocurrency bitcoin by the end of 2021.

It’s not just a matter of setting up cryptocurrency payment solutions at some point in the future. It is believed to be an integral and well-discussed part of Amazon’s future operating mechanism.

The insider said bitcoin would be the first of eight cryptocurrencies Amazon could accept. They also claimed that Amazon’s crypto plans have been in the works since 2019 and that it won’t take long for the company to fully accept crypto as a form of payment for its online transactions.

Amazon could even begin to develop its own cryptocurrency, allowing buyers to earn rewards by paying through Amazon’s native coin. In addition to this speculation, Amazon has revealed that it is hiring a cryptocurrency expert. Additionally, Amazon is advertising a digital currency and blockchain product to see how Amazon customers pay.

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Elon Musk hinted at how many bitcoin Tesla holds after a Twitter user shared a rough estimate of his holdings. Dave Lee suggested that Tesla should hold 42,069 bitcoins and that the total holding could be as high as $ 1.47 billion. Musk said: We don’t have that much Bitcoin, but it’s close.

Tesla will likely start accepting bitcoin as a payment method again, said Elon Musk. Musk said Tesla could resume bitcoin acceptance if bitcoin mining was more environmentally friendly.

I wanted a little more due diligence to confirm that the percentage of renewable energy use is most likely equal to or greater than 50% and that there is a trend for that number to increase, and if it is If so, Tesla would start accepting bitcoin again, Musk said.

Twitter

Twitter CEO Jack Dorsey has confirmed to investors that bitcoin will be a big part of the company’s future. He sees opportunities to integrate cryptocurrency into existing Twitter products and services, including commerce, subscriptions, and other new additions like Twitter Tip Jar and Super Follows.

BITQ

BITQ offers investors a selective approach to investing in the crypto economy. It provides exposure to the rapidly growing bitcoin and crypto economy without the complications of directly owning cryptocurrencies like bitcoin.

As noted, the fund tracks the Bitwise Crypto Innovators 30 Index. At least 85% of the index focuses on pure cryptocurrency companies, including bitcoin and cryptocurrency trading platforms, companies with Cryptocurrency mining and mining equipment and service providers. Examples include Coinbase (COIN), Silvergate Capital (SI), and MicroStrategy (MSTR).

Up to 15% of the index is focused on supporting businesses: innovative, large-cap companies with diversified business interests that include at least one significant line of business focused on the crypto economy.

Listen to the full episode of the podcast on the BITQ:

This article originally appeared on ETFTrends.com

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