"Assessing the Role of Bitcoin ETFs in Retirement Portfolios and Market Survival"

The SEC's approval of bitcoin ETFs may not necessarily be a reason to buy, especially for retirement investors, as the existence of a bitcoin ETF should not change the cryptocurrency's underlying value. Itzhak Ben-David, a finance professor, predicts that both the new ETFs and bitcoin itself will likely fall in the coming days and weeks. Additionally, the rally in bitcoin's price following the SEC's decision suggests frothy investor sentiment, and a fair-value model indicates that bitcoin's fair value is currently around a quarter less than its actual price. These factors suggest that the new bitcoin ETFs may underperform a simple low-cost broad stock market index fund over the next five years.