>>512277578
FCA are going to allow Bitcoin ETN's now.
ETN's are tradable notes that track an asset but they don't have to buy and hold anything and so aren't backed by that asset, i.e. paper bitcoin. Fucking lunacy to allow the worst possible way to buy but restrict the rest.
That isn't going to end well, when bitcoin increase 100% year-on-year and the issuers didn't buy bitcoin, fuck up their hedging positions because they're retarded and/or greedy and now they can't pay out everyone in the trade.
Just give people the ability to buy bitcoin in their ISA or SIPP. Allow access to the ETF's at least so the funds have to buy up the bitcoin.
Why are they fucking about with it all? Why are all these regulators and agencies run by fucking morons?