The Financial Conduct Authority (FCA) has denied British investors the opportunity to invest in bitcoin exchange traded funds (ETFs), causing frustration among readers. The FCA recently allowed bitcoin-backed exchange traded notes (ETNs) to be sold in the UK, but only professional investors are permitted to purchase them. This decision has been criticized, as retail investors are allowed to invest in other high-risk assets. The author expresses disappointment in the FCA's stance and highlights the limitations of their own investment portfolio.
American readers of this column are stretching my patience. Those who rushed into bitcoin exchange traded funds (ETFs) after my column in January are bombarding me with photos of new cars, villas in the Bahamas and expensive bum-lifts. So thanks a tonne Financial Conduct Authority for denying us British investors the spoils of a two-thirds gain in prices. Hopefully, you own bitcoin via other means. But my portfolio only holds regulated securities available to all — so crypto I have none.
And will continue to do so even after the FCA opened the way on Monday for bitcoin-backed exchange traded notes (debt securities that trade like ETFs) to be sold in the UK. Only professional investors can buy them. What a joke. I’m allowed to punt penny stocks or be all-in on a spread bet which could go to zero. Regulators are fine about contracts for difference purchased with 30 times leverage. A bitcoin ETN, however? “Ill-suited for retail customers.” I digress, thoug
FCA British Investors Bitcoin Etfs Exchange Traded Funds Exchange Traded Notes Etns Professional Investors Retail Investors