Who needs a bitcoin ETF, anyway? It may hold little value for investors now—Here’s why.

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Hi there, again! I’m flooded. There is at least 3 inches of water in my basement in New Jersey. All thanks to what the media (hey, that’s me) is referring to as the remnants of Hurricane Ida. Anyway, wading knee deep in water at 1 a.m. Eastern Time on Thursday, as I embarked upon the Sisyphean task of bailing bilge out of my basement got me to thinking about the flood of ETF applications for a bitcoin-backed products that Gary Gensler’s Securities and Exchange Commission is wading through. We talked to Will Rhind of GraniteShares, which put in an application for a long and short bitcoin ETF back in 2017, but is taking a hard pass this time around. I’ll leave you to judge whether Rhind’s reasoning is sound. Rhind is founder and chief executive officer of ETF issuer GraniteShares in New York, which was established in 2016.  You know what to do: Send tips, or feedback, and find me on Twitter at @mdecambre to tell me what we need to be jumping on. Sign up here 
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