almost 3 years ago • 1 min
For years, many crypto advocates have longed for US regulators to approve an exchange-traded fund (ETF) that tracks bitcoin.
They argue that a bitcoin ETF would allow investors unable, for whatever reason, to buy the cryptocurrency directly with a simple way of gaining exposure to its price movements.
But since Coinbase, the largest US crypto exchange, joined the stock market two weeks ago it’s pretty much fulfilled that role – albeit unintentionally.
As the chart above shows, Coinbase shares (in blue) have moved almost in lockstep with bitcoin’s price (in pink) since April 15th, the day after the company’s volatile market debut. With stock market investors already turning Coinbase into a proxy for bitcoin, who needs a bitcoin ETF?
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