The New ProShares Bitcoin ETF Has a Unique Set of Risks

There should be a physical Bitcoin ETF. The Winkelvoss twins were the first to apply for one, back in 2013, when Bitcoin was trading below $1,000 (it’s now around $62,000). If their fund had been approved, it would now likely be the largest, most liquid ETF in existence, and would have provided supercharged returns to a whole generation of investors. This is a regulatory failure. But at the time, the technology around Bitcoin was relatively primitive, there were cyber attacks happening all the time, and the sentiment back then was that Bitcoin was dangerous, unsecure and unsafe. It has matured a lot.

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