Image Source: PixabayBack on May 7th, 30 professional forecasting agencies and experts (see here) forecast that Bitcoin would appreciate by 85.6%, on average, between then and the end of 2023 (i.e. from $28,890 to $40,079). As of yesterday, with 3 weeks to go before year end, their average forecast was surpassed with Bitcoin closing out the day at $43,281.
There are 31 such equities trading on Canadian and American stock exchanges (for a list we first compiled in April 2022, see here); we find VanEck Bitcoin Strategy ETF (XBTF) to be most closely aligned with the spot price of the Bitcoin digital token over time.
- has an Expense Ratio of $0.66,
- has Assets Under Management (AUM) of $70M,
- was up 37.6% from Sept. 29th to November 30th
- is up 11.5% MTD and
- is up 138.3% YTD.
- Go VanEck Bitcoin Strategy ETF (XBTF)for a chart of the most recent pricing.
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- was up 43.5% from Sept. 29th to November 30th
- is up 12.3% MTD and
- is up 161.9% YTD.
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Inverse and Short Cryptocurrency ETFsInvestors also have the option of playing the other side and betting against Bitcoin with one of the following ETFs (though, as the charts show, this hasn’t been a winning strategy this year):
- It was launched on June 21st, 2022, and is designed to provide inverse exposure to the daily return of bitcoin, minus fees and costs.
- It trades in futures contracts listed on the Chicago Mercantile Exchange, rather in than the “physical” currency itself.
- Go here for chart of most recent pricing.
- It is designed to provide daily investment results through short investments in bitcoin futures that endeavor to correspond to the single inverse (opposite) performance of an index that replicates the returns generated over time through long notional investments in Bitcoin Futures.
- Please note that the Horizons BetaPro Inverse Bitcoin ETF trades on the Canadian TSX in U.S. dollars as designated by the “U”. If you are American and wish to buy it then provide your broker with the security’s CUSIP number (It has a CUSIP number of 74347G291) (Read about CUSIP numbers here) (Go here to read “Advice For Americans On Buying Cannabis Stocks Listed On Canadian Exchanges”) to facilitate such a transaction.
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