Bitcoin recently hit a two month high and experts are now eyeing the $10,000 mark. What’s the reason for this recent boost? One major factor is the news that the SEC might be set to approve the first Bitcoin-based ETF.
What’s An ETF?
An ETF, or an exchange-traded fund, is a marketable security that tracks an index, a commodity, bonds, or a basket of assets. So with a Bitcoin ETF, investors wouldn’t be holding actual cryptocurrency themselves, but would be investing in a vehicle that tracks the price of the cryptocurrency.
What’s The Big Deal?
Simply put: the approval of a Bitcoin ETF would almost certainly lead to an influx of mainstream financing into the crypto-shere. Bitcoin-based ETFs have been proposed multiple times over the years, but have always been refused for regulatory reasons. For the first time, that looks set to change.
The US Securities and Exchange Commission is expected to announce as soon as August 10 its decision regarding a recent Bitcoin ETF license application from CBOE Exchange. And the markets are heating up!
Here Comes The Mainstream Money?
From Goldman Sachs to Blackrock (the world’s largest asset management firm), many original crypto naysayers and cynics have begun changing their tune in the face of more good news regarding cryptocurrency. JP Morgan Chase CEO Jamie Dimon once called Bitcoin a “fraud”… Now the very same bank is referring to this event as the “the holy grail for owners and investors.”
What Does This Mean For Crypto Investors?
In 2003 the first gold backed ETF was introduced into the market by the Rothschilds and The Deutsche Bank. Not long after, the price of gold skyrocketed from $300 an ounce to $1300. A 300% increase!
An approval of a Bitcoin-based ETF could very well have a similar type of effect on crypto-markets. This is a big deal. We’re eagerly awaiting the news in August!
The U.S. Securities and Exchange Commission (SEC) decided yesterday that they would delay their decision regarding the proposed bitcoin ETF. We’re now expecting a ruling sometime mid-September.
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