From Dow Jones & Company:

The SEC’s approval of Bitcoin ETFs may cause the cryptocurrency’s value to drop. Bitcoin ETFs should not impact Bitcoin’s intrinsic value. A study from last year supports this view and found that specialized ETFs tend to underperform in the long term. There are strong headwinds to the new Bitcoin ETFs due to these precedents and Bitcoin’s rally in response to the SEC’s decision. A Fair Value model of Bitcoin predicts a quarter less value than its current price. Overall, the new Bitcoin ETFs are likely to lag behind low-cost stock market index funds in the next five years.



Read more: Do bitcoin ETFs have a place in retirement portfolios?