Bitcoin would need to surge past $150,000 per coin to make an exchange-traded fund for the coin feasible, Fundstrat Global Advisors co-founder Tom Lee said, according to Bloomberg.
The estimate requires a 1,670% gain for the popular cryptocurrency. It traded at roughly $8,488 as of 3 p.m. ET Friday.
Large fund launches can bring in $13 billion in first-year interest, and the buzz around cryptocurrencies remains healthy, Lee said.
Lee praised the Securities and Exchange Commission for the crypto-related regulation it’s done so far, saying “institutions aren’t going to touch crypto” until the SEC endorses products like ETFs and other funds.
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Bitcoin would need to surge past $150,000 per coin to make an exchange-traded fund for the cryptocurrency work, Fundstrat Global Advisors co-founder Tom Lee said, according to Bloomberg. Such an advance would mark a roughly 1,670% increase from current levels.
Several firms look to ride the hype behind crypto-coins through related ETFs, but the Securities and Exchange Commission has mostly stifled attempts to form such alternative assets. The $200 billion crypto sector enjoyed a moderate recovery from an early-fall trough, but it still has a way to go to meet demand necessary for an ETF, Lee said.See the rest of the story at Business Insider
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