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This should have a downward pushing effect on price, if similar ETFs for Gold and Silver are any reference.
The price currently is weakening, sub $84. Supposedly the current high hash rate miners keep continuously cashing out and LTC is getting stronger on the possibility of being listed on Mt.Gox very soon....
That poses an interesting question indeed. I wonder how traders and investors would actually respond to this ETF. Considering that: "Bitcoin is anonymous, untaxed (for now) and quite liquid in and of its own right despite all the complexities of a cryptocurrency. A bitcoin ETF is taxed, has fees, may or may not be liquid at all..." Source: Macro Man Blog
Wow, sub-$70 now, hit $65 today. The last 3-4 days have been constant rather slow but unstoppable sliding down. What is going on? The Winklewii are crying....
Possible explanation:
"The fall is from people mining with Asics and immediately cashing out.
If you were generating 20-30 coins a day with an Asic you'll cash out too. The problem is everyone is doing it at the same time."
If true, the miners' success is bitcoin's downfall....
