Pass on this ETF

Article Excerpt

VANECK SOLIDX BITCOIN ETF (Nasdaq symbol XBTC) will invest in the virtual currency bitcoin when the fund launches on the Nasdaq exchange; the price movements of the ETF’s units should reflect the price movements of bitcoin. The launch date is still subject to final approval from the U.S. Securities and Exchange Commission. The SEC has previously denied the launch of nine cryptocurrency ETFs citing a lack of investor protection in their proposed ETF structures. The VanEck ETF is now under review with a formal response expected in the next few weeks. The blockchain technology that bitcoin rests on seems to have a lot of commercial applications, and is undoubtedly a revolutionary invention. But bitcoin is just the first of many digital “cryptocurrencies” that blockchain technology supports. Why assume blockchain is the ultimate cryptocurrency? As well, governments have no incentive to support bitcoin, or any cryptocurrency that can thwart taxation and help people hide assets and transactions. The price of bitcoin soared by 3,000% between December…

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