Will Coinbase Support Bitcoin ETF Trading?
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Answer Will Coinbase Support Bitcoin ETF Trading?
The recent update in the Bitcoin ETF market saw speculation raging.
Among the speculation that has surfaced recently is that Coinbase will support Bitcoin ETF trading on its platform.
According to Eric Balchonas’ tweet, Coinbase will support trading of the Bitcoin ETF “BITO” in dollars, and that could also be a big mistake, given the high trading fees of 1.49 percent on the platform.
Read:Failed Sale Attempt… Suspects Arrested in Coincheck Hacking Case
JUST IN: Coinbase is looking to support ETFs on the platform. On the one hand I get it, but on the other hand, who in their right mind would pay 1.49% to trade a Bitcoin ETF? pic.twitter.com/KmKmMmi3pR
Eric Balchunas November 9, 2021
An ETF analyst has warned of the potential consequences when starting to trade “BITO” in dollars.
The Bitcoin ETF Madness:
ETFs linked to bitcoin futures have taken over the US cryptocurrency market and launched a rapid bull run that lifted the price of bitcoin to a new record high.
With more speculation about a spot Bitcoin ETF in operation to track the underlying asset class directly, from institutional players along with lawmakers.
Michael Saylor, absolute Bitcoin enthusiast and CEO of MicroStrategy recently commented on Bitcoin ETFs, stating that they will take over the entire economy within three years.
Additionally, Saylor confirmed that Bitcoin ETFs will become the primary alternative to gold ETFs in the near future.
Saylor argues that bitcoin will emerge as a primary investment asset class that, over time, will be able to replace the $425 billion SPDR S&P 500 ETF Trust.
To get there according to Saylor, an instant Bitcoin ETF must be approved, and added:
Once these ETFs come out, I think we’ll see billions, then tens of billions, then hundreds of billions, then trillions of dollars flowing into them.Read:Total Closed Value of Terra Project (LUNA) Increases to $31 Billion
Coinbase, for its part, dipped its toes into the rich waters of popular Bitcoin ETFs, at least as speculation suggests.
It is worth noting that it is not the first time that Coinbase has used the crypto frenzy to advance in the decentralized sphere.
Last month, Coinbase took first place on the Apple App Store, thanks to its addition of the Shiba Inu cryptocurrency.
The crypto community on Twitter speculated that this represented another growth hack scam by Coinbase, as the platform offered to trade the cryptocurrency Shiba Inu at a precisely calculated time.
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