Comment by dhosek

Here's the basic thing: Bitcoin is fatally flawed. Is it meant to be a payment method (in which case an ETF or otherwise treating it as an investment vehicle is roughly as nonsensical as having an ETF that deals with blank checks) or is it an investment (and if it's an investment, what on earth are people investing in?). The volatility of Bitcoin plus the constrained supply leading towards upwards pressure on the price of bitcoins mean that it's a deflationary currency and deflation is a bad thing as it creates an incentive to not spend. This means that the only real reason to spend Bitcoin or otherwise use it as a payment is for situations where that's the only option and right now, and for the foreseeable future, that means assorted illegal or at best borderline illegal products, which gives it a halo if unrespectability that the Winkelvoss twins are not going to erase. Perhaps a blockchain-based cryptocurrency might in the future resolve these issues, but otherwise it's a doomed product that I wouldn't put a single penny (or watt of household electricity) into.