A milestone for cryptocurrencies: bitcoin goes to Wall Street

Asia's Tech News Daily

A milestone for cryptocurrencies: bitcoin goes to Wall Street

Since Tuesday, Wall Street has an Exchange Trade Fund (ETF) in bitcoin. Photo Spencer Platt/Getty Images/AFPO

The SEC on Tuesday approved the first bitcoin-based exchange trade fund (ETF), led by the company ProShares. That is a milestone for the crypto industry. Bitcoin entrepreneurs and financial firms had been trying to get approval for such an ETF for a decade. The launch was announced immediately after the gong on Tuesday, which marks the start of the trading day on Wall Street.

An EFT is a fund that tracks the price of an index, in this case Bitcoin. Company ProShares announced that the fund will consist of so-called futures: financial futures contracts. An EFT can be a way to trade bitcoins without buying or selling them yourself. This construction makes the crypto coin accessible to a larger group of investors.

The approval of the ETF can be seen as the maturing of the digital currency: apparently the financial establishment believes that bitcoin – with 200 million users worldwide – can no longer be ignored and is ready to enter the mainstream. “This is a test,” wrote the Financial Times“to see if major investors will include bitcoin in their portfolio.”

The news has led to a rise in the price, which started already in September. Bitcoin’s value rose to $62,991 on Thursday, close to the record high of $64,895 in April. In the months that followed, bitcoin went less well and the crypto currency even lost half its value for a short time, partly because financial regulators intervened and Tesla CEO Elon Musk spoke negatively about the coin.

The SEC’s decision will not change much for private investors, Dutch bitcoin expert Bart Mol said in BNR podcast cryptocast. „I think it is especially interesting for large, corporate investors who now [nog] cannot buy bitcoins. Because it is difficult due to regulations, or because their bank does not allow it, for example. They could do that now.” Investors in the Netherlands and Germany have also been able to trade in such an EFT for some time.

A milestone for cryptocurrencies: bitcoin goes to Wall Street
Source link A milestone for cryptocurrencies: bitcoin goes to Wall Street

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