FYI: The $200 billion cryptocurrency market is far too small for an exchange-traded fund to work, according to Fundstrat Global Advisors LLC’s Tom Lee.
Numerous attempts to get approval from the U.S. Securities and Exchange Commission for crypto-related ETFs have been stymied, and Lee doesn’t think it’s a bad thing. Big fund launches in the U.S. can have around $13 billion of first-year demand, he noted. He estimates Bitcoin needs to be around $150,000 to cope with daily demand on an ETF. That’s compared with about $8.400 as of 11:30 a.m. New York time -- so the asset would need to rise in price by more than 15-fold.
Regards,
Ted
https://www.bloomberg.com//news/articles/2019-11-15/bitcoin-should-hit-150-000-before-an-etf-can-work-tom-lee-says?srnd=markets-vp
