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You can count hedge fund heavyweight Kyle Bass, founder of Hayman Capital Management, among those who are not looking for Bitcoin to soar to the moon.
“From now on it’s gonna be really hard to make any money [from Bitcoin, because of] intense regulation ”by the US government, following China’s Bitcoin ban earlier this year, he told Investor’s Podcast Network.
The U.S. Securities and Exchange Commission on Friday rejected Van Eck’s proposal for an exchange-traded fund that would directly own Bitcoin, after the launch last month of two funds linked to Bitcoin futures.
The SEC has said that an ETF based on the spot price of Bitcoin is vulnerable to market abuse.
“The Commission has always demanded that the stock exchange [in this case the CBOE] have a full surveillance sharing agreement with a large Bitcoin-related regulated market, or demonstrate that other means of preventing fraudulent and manipulative acts and practices are sufficient, ”the SEC said.
“The stock exchange did not meet this requirement.”
As for Bass, “I think blockchain, I think NFT [nonfungible tokens], these things are all here to stay, ”he said. “Private crypto[currencies], I put a question mark for the long term. I would pay attention to that now.
Bitcoin recently traded at $ 65,489, up 1%. It has jumped 39% in the past three months. But the world’s largest private sector digital currency has also shown extreme volatility. It plunged 53% from April 12 to July 17.
Critics say Bitcoin has only been a speculative vehicle so far.
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