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Crypto ETFs now allowed by SEC (for real)

SEC gives bitcoin ETFs the green light | CNN Business

https://www.cnn.com/2024/01/10/markets/bitcoin-etf-sec/index.html

After a false start Tuesday, the Securities and Exchange Commission gave its approval Wednesday for some investment companies to offer “spot bitcoin” exchange-traded funds.

SEC gives bitcoin ETFs the green light | CNN Business

When I first read it I thought it was a scam. Blackrock is offering one of these, it's legit. Why the hell are the SEC allowing it now in the year of our lord 2024? Is the growth machine really that stagnant that they need this?

brrrrrrrrrrrr

8 comments

FuckyWucky

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They got amazing ticker names like BRRR and HODL

morras

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Awesome 🤩

However, not sure that stock market and memes get along very well....

FuckyWucky

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Yea... awesome

Dirt_Owl

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Wtf is an ETF?

TrudeauCastroson

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Collection of finance stuff (stocks, bonds, derivatives, currencies) that someone like Blackrock sells to you but they manage.

These ones are tied to crypto currency markets, so it involves companies that do bitcoin stuff (like coinbase, or Nvidia who sell mining cards, or companies who do the mining). It's so fund go up when crypto go up, fund go down when crypto down, but it's not directly tied to bitcoin so it's supposed to be less volatile.

It's usually cheaper to buy ETF shares because instead of buying whole shares, you're buying a piece of a medley. And blackrock gets to manage more money (and steer the economy) and make themselves money off of what they think it makes sense to hold, and also make management fees.

Dirt_Owl

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The most efficient economic system, folks picard

TrudeauCastroson

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wait until you learn how derivatives work, it's like if athletes were allowed to bet on their own sports and teams. Literally gambling, but on stonks and agricultural output.

I wanted to learn how this shit works, and the more I speak the language of the finance bros the dumber it is.

EmmaGoldman

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Oh wow that's such a bad idea amazing