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A spate of ETF fund managers, including Proshares, Grayscale, Roundhill, and Simplify are announcing interest-bearing spot bitcoin ETFs that promise bitcoin exposure along with generous dividends. For example, another firm, Purpose Investments, is offering 11.9% yield on its bitcoin yield ETF in Canada, while other ETF sponsors are aiming for highly variable rates starting at 0.49% and going as high as 33.19% (an annualized figure that is expected to decrease soon). Grayscale hasn’t announced a yield but jotted 5% as a placeholder in its prospectus.
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Why in the holy hell would you “invest” in bitcoin for 5% now? You can get 5% on a bank savings account with zero risk and zero legal troubles. Bitcoin is all risk plus a good chance of legal troubles. You can get more than 5% on some CDs, though maybe not 12%.
These deals might have made a tiny bit of sense before Powell returned the economy to honesty, but they make no sense at all now.
THANKS, POWELL!
Polistra's Mill 