Buying the new Bitcoin ETF? Better read the fine print

[Bloomberg]( Follow Us [Get the newsletter]( This is Bloomberg Opinion Today, a cryptocurrency futures ETF of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - Better [read the label on that Bitcoin ETF](. - [OPEC won’t solve]( our energy problem. - The 737 Max debacle [wasn’t just one guy](. - Colin Powell’s death is [an argument for more vaccines](. What You Get When You Get a ‘Bitcoin ETF’ In the middle of a global energy crisis, you might find it kind of gross and weird to invest in something that uses as much power in a day as [240,000]( average U.S. households consume in two months. On the other hand, look at the pretty numbers go boing boing! That’s a chart from John Authers showing how the Bitcoin boom-bust cycle, which once took years to complete, [has been compressed into mere months](. China’s recent crackdown did not kill Bitcoin, therefore making Bitcoin stronger, once again proving the wisdom of philosophers from Friedrich Nietzsche to [Kelly Clarkson](. If you blinked and missed Bitcoin’s latest dip-buying opportunity, then you might be hoping to get in on the action using the new ProShares Bitcoin Strategy ETF launching tomorrow. But [you should know what you’re getting into]( with that thing, warns Jared Dillian. You aren’t buying an ETF of actual Bitcoin prices so much as you are buying an ETF of Bitcoin futures prices, which at any moment could be in contango, or backwardation, or [bamboleo](, at least two of which are actual market terms I did not make up. Buyer beware. Maybe you should just stick to [Bitcoin erotica](, which Scott Kominers informs us is a thing. It’s better for the planet, and you won’t feel as bad swapping it for [pizza](. Bonus Crypto Reading: India’s youths have [turned crypto legit](. — Andy Mukherjee OPEC Is Not Going to Save Us, Chapter 374 If you were hoping OPEC would help out with the aforementioned energy crisis, then you need to put down the OPEC erotica (not actually a thing, mercifully) and meet the real world. Because [OPEC is ignoring our pleas for help]( and keeping production tight, writes Julian Lee. It justifies inaction by shaking its head and pointing sadly to this chart, which shows a supply glut blooming next year: But in the tiny print on that chart, you’ll see it assumes OPEC+ countries stick to a plan to raise production by 400,000 barrels a day each month for most of the next year. [Julian says this isn’t possible](. Tyler Cowen argues this crunch will make it [harder to transition to green energy](. David Fickling disagrees, and in fact suggests the best way to transition to a zero-emissions future is to [build too much green energy](, providing the kind of redundancy and surplus that keeps costs low and grids reliable. Bonus Zero-Emissions Reading: - Banks and other companies should [tie CEO bonuses to climate goals](. — Paul J. Davies - An [Iowa water crisis caused by drought and pollution]( won’t be the last as the globe warms. — Adam Minter If It Walks Like a Scapegoat and Bleats Like a Scapegoat ... Boeing Co. has struggled to recover from 737 Max problems that caused two fatal crashes. Fortunately, it seems this formerly $200 billion company that makes all of America’s big passenger jets and gazillions of dollars’ worth of U.S. military gear was brought low by just one guy (allegedly)! Problem solved (allegedly)! Or maybe not. This one guy is the company’s former chief technical pilot, who has been indicted for allegedly lying to the FAA about the Max’s problems. Brooke Sutherland [struggles to believe this one guy was responsible]( for this whole debacle. What if, she posits, it actually developed over years and involved cascading failures of judgment and control within both Boeing and the FAA that continued long after the one guy was gone? But then that would involve a lot more soul-searching, and consequences. Telltale Charts Former Secretary of State Colin Powell died of Covid despite being fully vaccinated. But his fight against cancer had weakened his immune system. His death is thus not evidence vaccines don’t work, but [an argument for more vaccinations]( to protect vulnerable people, Max Nisen writes. Chinese property developer Fantasia saying “Nah, I’m good” to paying debts has [made China’s debt selloff much more acute](. Shuli Ren writes Beijing has made clear it won’t tolerate any more Fantasias. Further Reading The [rich world still isn’t doing nearly enough]( to make sure the developing world gets Covid vaccines. — Bloomberg’s editorial board [China’s slowdown is an argument for inflation being transitory]( and against too much policy tightening. — Dan Moss Mario [Draghi makes a strong case that he’s Europe's new leader](. But Italian politics make his reign tenuous. — Rachel Sanderson President Joe Biden’s [Supreme Court commission was just as useless]( as the cynics feared it would be. — Jonathan Bernstein How former Governor “[Wild Bill” Janklow turned South Dakota into Switzerland](. — Stephen Mihm [Don’t be too quick to dismiss the 60/40]( portfolio, but be ready to pay more for safety. — Allison Schrager We should [have deeper conversations and skip small talk]( more often. People actually want it. — Andreas Kluth ICYMI Why is the U.K. [seeing more Covid cases]( than the rest of Europe? [Zillow is taking a breather]( from buying houses. (Matt Levine [has thoughts](.) Google is [building a green new campus](. Kickers First [movie shot in space](. (h/t Ellen Kominers) A [Supreme Court typo]( ended up with the force of law. (h/t Scott Kominers) The whole solar system [might be inside a massive tunnel](. Keeping a balloon from touching the floor [has its own World Cup now](.  Notes:  Please send balloons and complaints to Mark Gongloff at mgongloff1@bloomberg.net. [Sign up here]( and follow us on [Twitter]( and [Facebook](. Like Bloomberg Opinion Today? [Subscribe to Bloomberg All Access and get much, much more](. You’ll receive our unmatched global news coverage and two in-depth daily newsletters, The Bloomberg Open and The Bloomberg Close. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. 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