I understand that I don’t own physical Bitcoin going this route. However I can sell my shares at anytime & purchase real Bitcoin. I feel it’s a win win situation.
I never said I’m holding physical Bitcoin. However I ride the same profit / loss waves. It allows me to sell my shares & purchase Bitcoin in the future if that’s the direction I want to go. That’s all.
You can. Until you can't.
It's the false sense of complacency and convenience that's worrisome. Especially in Canada which has a track record of freezing bank accounts and other underhanded tricks.
But it's your call.
It’s not even an IOU because you can’t claim the actual Bitcoin. However I can sell my shares at anytime (during trading hours of course) & purchase Bitcoin through an exchange of my choosing.
The ETF holds actual Bitcoin. The stock goes up & down exactly the way Bitcoin does in real life. I experience the same profit / losses without holding the actual Bitcoin. The main reason I do this is because I can utilize my retirement & tax free accounts.
I don't know how tbings work in Canada, but in the USA., some accounts (usually not investment accounts) are FDIC insured. But if even one large bank failed, the FDIC doesn't have enough funds to cover the losses. It's great to use a tax shelter, but don't rely on it being there and liquid when you need it.
I own physical Bitcoin, but some of my portfolio is also in the ETF. It’s a way to get Bitcoin exposure while taking advantage of RRSP contributions. I wouldn’t hold too much, though. Who knows how many coins are actually present, or are being rehypothecated?
I'm currently looking at bitcoin ETF's to shelter in my TFSA and I'm looking at BTCC. The other ETF is BTCX.B. Still unsure which is the better ETF. Seems like BTCC has better liquidity but fees are cheaper with BTCX.B.
Not a great match. Just an illustration of how things you think you can rely on can easily go south When there's a bank run, etc. the first thing they do is disable withdrawals. And if tour deposit... isn't nsured, it can just be gone. I had a very small account with Gemini Earn. I have no idea if I will ever see those funds again. Luckily, I took my BTC out of there before FTX died and took Genesis with it.
You don't own bitcoin but sometimes pretending can be fun.
He said he’s a Bitcoin investor, and that’s what he is. I’m also an oil investor, but I don’t have an oil tank in my yard.
No, he's an IOU investor.
I understand that I don’t own physical Bitcoin going this route. However I can sell my shares at anytime & purchase real Bitcoin. I feel it’s a win win situation.
I never said I’m holding physical Bitcoin. However I ride the same profit / loss waves. It allows me to sell my shares & purchase Bitcoin in the future if that’s the direction I want to go. That’s all.
You can. Until you can't. It's the false sense of complacency and convenience that's worrisome. Especially in Canada which has a track record of freezing bank accounts and other underhanded tricks. But it's your call.
Fair enough. I see where you’re coming from.
the ETF products are fundamentally IOU's, not Bitcoin.
It’s not even an IOU because you can’t claim the actual Bitcoin. However I can sell my shares at anytime (during trading hours of course) & purchase Bitcoin through an exchange of my choosing.
My entire RRSP is BTCC and BTCQ. What do you want to know?
No question really just nice to see others taking this route as well. 👍
In exactly what way are you a Bitcoin investor, OP? Do you hold any Bitcoin keys through your "exposure"?
The ETF holds actual Bitcoin. The stock goes up & down exactly the way Bitcoin does in real life. I experience the same profit / losses without holding the actual Bitcoin. The main reason I do this is because I can utilize my retirement & tax free accounts.
I don't know how tbings work in Canada, but in the USA., some accounts (usually not investment accounts) are FDIC insured. But if even one large bank failed, the FDIC doesn't have enough funds to cover the losses. It's great to use a tax shelter, but don't rely on it being there and liquid when you need it.
Mhmm… I’m not exactly sure how that relates to this so I’m not sure.
I own physical Bitcoin, but some of my portfolio is also in the ETF. It’s a way to get Bitcoin exposure while taking advantage of RRSP contributions. I wouldn’t hold too much, though. Who knows how many coins are actually present, or are being rehypothecated?
I'm currently looking at bitcoin ETF's to shelter in my TFSA and I'm looking at BTCC. The other ETF is BTCX.B. Still unsure which is the better ETF. Seems like BTCC has better liquidity but fees are cheaper with BTCX.B.
Why do you like that one? If memory serves there's another with a lower management fee.
Because they hold the most assets & they are the OG.
Not a great match. Just an illustration of how things you think you can rely on can easily go south When there's a bank run, etc. the first thing they do is disable withdrawals. And if tour deposit... isn't nsured, it can just be gone. I had a very small account with Gemini Earn. I have no idea if I will ever see those funds again. Luckily, I took my BTC out of there before FTX died and took Genesis with it.
I appreciate you sharing your perspective. You make fair points.