From Nasdaq:

Investors have put at least $1.9 billion into new crypto-tracking ETFs in their first three days of trading, with estimates suggesting up to $100 billion could flow into bitcoin funds by the end of the year. However, columnist Jeff Sommer of the New York Times is skeptical, citing the highly speculative nature of these investments.

Despite the skepticism, marquee financial firms are also considering ether funds and lining up to launch bitcoin ETFs. Meanwhile, Sommer argues that “FOMO” or the fear of missing out is the main driver behind putting money into Bitcoin, which he considers highly speculative and without an immediately identifiable economic function.

Sommer tips his hat to the technology behind Bitcoin, i.e. blockchain, but firmly argues that cryptocurrency is a “misnomer” and that the comparison between bitcoin and gold is off because gold has historical “cache.”

Interest in bitcoin ETFs is more than FOMO – there is Bitcoin’s philosophical proposition which offers a global, stateless monetary network to all, and the fact that bitcoin is one of the most successful economic investments on record, recommended by some as a long-term hold. However, Sommer continues to argue that the massive interest in bitcoin is all just FOMO, closing himself off to these ideas.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



Read more: The New York Times Still Doesn’t Get Bitcoin