What is Bitcoin mining?
Marathon Digital Holdings CEO Fred Thiel explains mining cryptocurrency and its impact on energy consumption.
In a week in which cryptocurrencies were put through the wringer, a new exchange-traded fund is offering exposure to a world every day investors still have a hard time accessing.
|BITQ||EXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E||23.32||+1.83||+8.52%|
The Bitwise Crypto Industry Innovators ETF, which is listed on the New York Stock Exchange under the ticker BITQ, offers investors exposure to public companies in the growing cryptocurrency sector, according to Bitwise Asset Management which manages over $1.5 billion in assets.
"We’ve heard time and again from clients that the primary challenge has been finding a way to access the incredibly complex and fast-moving crypto space. With BITQ, our aim is to make crypto investment opportunities available through traditional investing platforms and a familiar, liquid, and cost-effective ETF" said Hunter Horsley, Bitwise CEO.
ELON MUSK DOES CRYPTO COMMENTS DAMAGE CONTROL
Take Coinbase for example, the fund’s largest weighting at 11.73%. CEO Brian Armstrong excited investors on Thursday after signaling the largest publically traded crypto exchange will soon list Dogecoin and possibly others.
"We plan to list DOGE in the next six to eight weeks," he said during the company’s first earnings call as a public company. "And then more broadly, we're going to be focused on how we can accelerate asset addition in the future."
SEC DELAYS BITCOIN ETF REVIEW
BITQ made its debut in what was a wild week for cryptocurrencies which began after Elon Musk's SNL appearance when he said Dogecoin started as a "joke" sending prices down sharply before a rebound.
Later in the week, he took a survey on whether Tesla should accept Dogecoin, then followed up by nixing the electric-vehicle maker's acceptance of Bitcoin citing environmental concerns tied to mining.
BIDEN REFUSES TO SAY IF HE KNEW ABOUT COLONIAL PIPELINE RANSOM PAYMENT
Elsewhere, Colonial Pipeline's ransomware hackers were reportedly paid $4-5 million in untraceable cryptocurrency, casting a shadow over how these digital assets can be used.
CLICK HERE TO READ MORE ON FOX BUSINESS
The BITQ fund tracks the Bitwise Crypto Industry Innovators 30 Index, which also includes Microstrategy, Riot Blockchain, and Galaxy Digital among its largest weightings.
As for cryptos, such as Bitcoin, there are not ETFs available. Currently, two filings are sitting with the SEC for review including WisdomTree and VanEck. Both would offer investors a transparent way to access pure cryptocurrencies.
Source: Read Full Article