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Up3
Hi All,
An interesting article published in the Financial Review today on the USA providing regulatory approval for a Bitcoin ETF to be traded on the NY stock exchange. It seems the ASX will also approve a Bitcoin ETF later this year with some of the major ETF providers also lining up for approval. Link below and worth a read:
I personally cannot support investing in cryptocurrencies especially when they are used by Ransomware and for other illegal activities. As an investment it lacks governance and is controlled by a few with significant volatility.
Perhaps worth a future Rask podcast given that we are likely to see more publicity as the big ETF providers ramp up their marketing campaigns.
Up0Great topic! All of my regular social / news feeds are full of “BITCOIN ETF!” bandwagon stuff.
Personally I won’t be touching it. I have a solid core portfolio, I’m actively perusing various satelite options, and a bitcoin ETF won’t be one of them.
Up0I agree with the others- bitcoin is a risk I would not consider at all, even with the promise of high growth. The volatility is something that I don’t need at this stage in my investment cycle.
Up0Thanks for posting.
Does not suit my style of investing….its kind of live by the sword, die by the sword.
I have had a two friends that have done quite well out of it but they bought a while back below $500…..both of them sold out aorund the 18k – 20k mark.
But its a no for me.
Up2I think a 5% allocation is actually smart, it’s no riskier than half the thematic ETF’s out there and if you actually look into what it is it might just be the best performing asset class moving forward. As to the comment it’s used for criminal activity what do you think has been used prior? USD & gold so that argument is naive to say the least.
Up0Yep, I’m in. About 5% of net worth at the moment.
Been buying Bitcoin for the last two years (don’t tell Owen, but I even sold WHSP to buy more )
Yes, it’s volatile, but a 10+ year view looks very attractive.
With a limited supply, I think it’s definitely a risk worth taking.
Up1I’m also in. The more I research Bitcoin (and there are some fantastic podcasts out there – I recommend the A16Z, Crypto Curious from EquityMates, and especially Unchained with Laura Shin) the more certain I am that a) Bitcoin has a stable and assured future; and b) there are many use cases which will grow and grow (Bitcoin/crypto now is about where the internet was in 1998 – remember what that was like and how far we’ve come?).
As for its use by criminals, actual research (as opposed to uninformed fear mongering) shows that fiat currency is by far the preferred funding and payment method used by criminals and illicit activity. A study by Chainalysis reported that illicit Bitcoin transactions in 2023 hit an all-time high of USD20 billion. But the UN Office on Drugs and Crime estimates that money laundering through conventional finance is worth as much as USD2 trillion and at least USD1.6 trillion. One hundred times more. Does anyone want to ban or not use US dollars? Fiat currency is untraceable and anonymous. Much better than Bitcoin where every transaction and transfer is forever etched on the blockchain and available for all to see.
For the patient, 2024 should be a good year for Bitcoin with the halvening coming up in April.
Up0Ha ha… I thought I might get a reaction. 😊 It did feel weird though, selling off one of Aussies best, to buy Bitcoin.
Confident it’s a good move though. As I say, 10+ year horizon. It’s for the kids (now 15 and 17 yrs).
Still buying plenty of VAS though…..
I’d be keen to hear your thoughts on Bitcoin one day Owen.
Up0I think as the bitcoin price moves up more people will demand some exposure and now that we have the ETF’s it’s possibly going to bite a lot of advisors including Rask that don’t include it in a diversified portfolio, isint that the nature of the the term diversified? In fact I’m surprised that rask is late to acknowledge its existence and include it, once you’ve researched and understood the concept it’s actually ignorant to not have some skin in the game….
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