The long-awaited launch Bitcoin ETFs in the US this yr helped generate a wave of optimism that the worth of the well-known cryptocurrency will rise rapidly. The logic was easy: With a straightforward, low-cost means now out there to atypical traders to purchase Bitcoin, the provision and demand curve would shift and the worth of every Bitcoin would rise.
However the response has been considerably combined. Whereas the worth of bitcoin has practically doubled up to now yr to about $43,000 immediately, it has traded largely sideways in current weeks. Was the uproar and response that adopted one other instance of the outdated Wall Road adage: “Purchase the rumor, promote the information”?
To be sincere, we test flows out and in of Bitcoin ETFs extra often than we wish to admit, however we nonetheless wish to know extra. So, we requested TechCrunch readers whether or not they plan to purchase Bitcoin by way of one of many new spot ETFs, whether or not they personal Bitcoin elsewhere, and what impression they anticipate these new funding autos to have on its worth and on cryptocurrencies.
After dozens of responses from founders and operators, we discovered some attention-grabbing tendencies. A few quarter of respondents to our small, unscientific survey reported that they don’t intend to purchase Bitcoin by way of ETFs, and that they already personal Bitcoin elsewhere. The place do folks hold their cash? It seems it is in all places: Self-Guard, Coinbase, KuCoin, every kind of websites. Considerably impressively, Dara Khan, head of promoting at First rate DAO Bitcoin, mentioned that her pockets ended up on the “backside of the ocean, and I misplaced it in a boating accident :(”.