US Bitcoin ETF favors Australian approval, but Aussies need to go further -Breaking
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© Reuters. This will take effect on Oct. 19, 2021. ProShares Strategy ETF BITO launchedNew York Stock Exchange The exchange-traded funds (ETFs) experienced an inflow of nearly 2,000 on its initial day. $1 billion in natural volumeWithin 24 hours, Bitcoin will be available (BTCThe ETF’s price would rise to an all-time record in U.S. Dollars. This comes a week after the U.S. Securities and Exchange Commission allowed the ETF’s application to expire, which effectively gave the okay for the product to move ahead.
The United States has taken a big step in this area, and it is also causing ripples across other markets. If BITO is as popular as it was on its debut day, then more people will likely follow their lead. ETFs offer exposure to Bitcoin futures contract derivatives. Not Bitcoin. While purists may find this undesirable, it provides a notable degree of insulation for investors from Bitcoin’s inherent volatility. You might also find similar products in markets that share the same philosophies, which could alleviate some of those concerns that kept institutions away for so long.
Will HamiltonTCM Capital is TCM Capital’s Head of Trading and Research. This company offers traditional capital markets as well as legal advisory services for the digital asset community. Will has been involved heavily in cryptocurrency since 2016, and prior to this, Will was at Pitt Capital Partners. This is the in-house investment bank of Washington H. Soul Pattinson. It’s a Sydney-based investment house.
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