Wall Street struggles to sell Washington on Bitcoin for the masses

Re:Wall Street struggles to sell Washington on Bitcoin for t... by tac0_ on Sunday May 30, 2021 @08:10PM (#27338373)

I'm pretty bullish on crypto but the concept of a bitcoin ETF that's managed by Wall Street seems to go against the purpose of decentralised finance to begin with. Why do investors need to go through a middle man when they could just buy something like the crypto20 which is essentially the same thing but without the fees.

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Re:Wall Street struggles to sell Washington on Bitcoin for t... by wmf on Sunday May 30, 2021 @08:16PM (#27338412)

Maybe five years ago the argument of "it's sooo hard to buy Bitcoin" was true, but now it's just as easy to buy crypto as stocks through Robinhood. Yet the middle men like Fidelity still want these ETFs for the fees I guess.

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Re:Wall Street struggles to sell Washington on Bitcoin for t... by thekyle on Sunday May 30, 2021 @08:42PM (#27338579)

I think the ETFs would be more useful if they held the top 25 cryptos at market cap weights. That could be kinda a hassle to do individually.

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Re:Wall Street struggles to sell Washington on Bitcoin for t... by weasel_words on Sunday May 30, 2021 @11:59PM (#27339934)

Can you take your Bitcoin out of Robinhood? Of course not.

You do not actually own any Bitcoin at Robinhood.

There's the "middleman" in your scenario without a middleman...just a different kind of middleman.

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Re:Wall Street struggles to sell Washington on Bitcoin for t... by antonvs on Monday May 31, 2021 @12:18AM (#27340065)

True, although an ETF purely in a single crypto seems exactly like what Robin Hood or Coinbase are doing but with extra, presumably non-free, steps.

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Re:Wall Street struggles to sell Washington on Bitcoin for t... by SnowProblem on Monday May 31, 2021 @03:00AM (#27341081)

Supposedly this is coming: https://www.coindesk.com/robinhood-crypto-withdrawals-deposi...

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Re:Wall Street struggles to sell Washington on Bitcoin for t... by swiley on Sunday May 30, 2021 @11:20PM (#27339679)

It's still hard to get FDs for crypto because there's distributed credit.

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Re:Wall Street struggles to sell Washington on Bitcoin for t... by muttled on Tuesday June 01, 2021 @04:36PM (#27360938)

I suppose it's the same reason you might buy an index fund of the S&P 500 rather than buying equal portions of 500 companies and rebalancing them constantly. On top of the tedium, I'm not aware of any tax-advantaged account such as a Roth IRA that would allow you to re-balance your crypto holdings without triggering taxable events each time you re-balance.

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