Bitcoin Global News (BGN)
July 30, 2018 -- ADVFN Crypto NewsWire -- One of several
Cryptocurrency related ETF proposals currently in review with the
U.S. Securities and Exchange Commission is a line of Bitcoin ETFs
from Boston-based ETF provider Direxion Investments. The SEC’s website
allows for comments from the
public. One comment is submitted
from the name Atlas Shrugged fictional character John
Galt: “The US needs a Store of Value alternative to Gold, and this
is what the people want.”
Direxion Bitcoin
ETFs
All five of the noted proposals were filed by on
January 4th, 2018: Bear 1X Shares, Daily Bitcoin 1.25X Bull Shares,
Daily Bitcoin 1.5X Bull Shares, Daily Bitcoin 2X Bull Shares, and
Daily Bitcoin 2X Bear Shares. “Bear 1X” is linked to BTC price
directly, but the other four are related to its price
variation.
Principal Investment Strategy
- “The Fund is an actively managed exchange-traded
fund (“ETF”) that seeks to provide total return that exceeds that
of bitcoin futures contracts over a complete market cycle. The Fund
will generally seek to achieve its investment objective by
investing, under normal circumstances, in bitcoin futures contracts
traded on the CME and/or CBOE futures exchanges and swaps on
bitcoin futures contracts that trade on the CME and/or CBOE future
exchanges (the “Bitcoin Futures Contracts”).”
Who is John
Galt?
"Who is John Galt?" is a popular
quote from Ayn Rand’s most well known novel Atlas Shrugged. Ayn
Rand was Russian-American author and philosopher. Her ideals are
very polarizing, as she was an advocate to the idea that reason as
the only means of acquiring knowledge, rational and ethical egoism,
while rejecting altruism rejected faith, religion and
altruism.
Atlas Shrugged was published in
1957, and considered the author’s fictional magnum
opus. John Galt’s role in the novel
was to lead the most productive members of society to a hidden
community where they would no longer have to over work themselves
to provide for whole population.
His character has come to represent
the rejection government intervention in business. The concept
inspires productive members of society to cut back on work in
response things like increases to marginal tax, tax deduction
limits, and tax revenue use for purposes considered
immoral.
Postponed
Decision
The SEC released a statement to defer the
decision on five cryptocurrency ETFs until September. Law
designates that they have 180 days to provide a decision, and may
delay that date by not more than 60 days from the original. The
regulators have chosen to take the full 60 days, to make the
decision by September 21, 2018.
By: BGN Editorial Staff
News:
Direxion Bitcoin
ETFs
Cryptocurrencies
John Galt