Some confusionIt seems unclear as to whether the new bitcoin etfs will have to buy bitcoin in direct proportion to the value of the ETF shares that are outstanding, or merely track the price of bitcoin.
If it's the former, then the price of bitcoin will probably increase.
With gold ETFs some issuers purchase gold, some don't.
If memory serves correctly, when State St. issued their gold backed ETF, gold made a slight run.
Spot price ETFs already exist in Europe and Canada.
That's never been considered a big deal.
The new bitcoin ETFs may turn out to be a bust. One thing is for sure. The government will
now be able to determine who has investments in bitcoin, and will no longer have to rely on the honor system to collect its capital gains taxes. At least as it applies to ETF owners.