SEC Denies Winklevoss Bid to Launch Bitcoin ETFs in Surprise Upset
For example, the price of one share of the popular gold-based SPDR Gold Shares
ETF (GLD) closely reflects price of one-tenth of an ounce of physical gold.
The Winklevoss ETF was one of three would-be Bitcoin ETFs
that were awaiting SEC approval; this decision does not affect any of the other applications, nor future ones (yet).
A quick history of popular ETFs indicates that investments in that underlying asset actually improved once the ETF was launched.
A Bitcoin ETF, like all ETFs, is solely concentrated on a single underlying asset, the bitcoin.
In any ETF, unit prices closely mirror the price of the underlying.
Short-term traders can bet their money on short-term price moves of bitcoin ETF units and attempt to benefit from trading profits.
from WebHits.IO Blog http://blog.webhits.io/sec-denies-winklevoss-bid-to-launch-bitcoin-etfs-in-surprise-upset/
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