Why Bitcoin’s bubble matters

The appearance of an ETF would result in another surge in speculative activity as small investors wary of the high-tech bitcoin markets and institutional investors obliged to trade only registered securities finally have a way in, say Mr. Bogart and others.

“We see it on our desk every day,” said Bobby Cho, at Cumberland Mining, a bitcoin-focused unit of Chicago proprietary trading firm DRW Investments LLC that works with institutional investors. “Many just go ahead and trade the underlying [tokens], but many more are just sitting on the sidelines waiting for a product…. There’s a lot of pent-up demand for such a product.”

Read more at The Wall Street Journal.

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