Bitcoin ETF Launches

The first bitcoin futures exchange traded fund launches on Tuesday, a step that could help to legitimize cryptocurrency in the minds of investors. The ProShares Bitcoin Strategy ETF will be backed by CME Group’s Bitcoin futures instead of the asset itself. As this offering comes to the market, it could open the door for more crypto ETFs even though more costs may be associated with these investments. Martha Reyes of BEQUANT noted, however, “An ETF based on futures is not ideal as there is a cost to rolling into the futures contracts,” and other issues that might sour investor confidence even though traders often use ETFs as a “safe” investment.