The long-awaited approval of the Bitcoin exchange-traded fund (ETF) can be considered as a testament to the significance of crypto assets by many. The approval of US regulators is also a major milestone for the crypto industry and has made it easier and more accessible for everyone to invest in Bitcoin.
The first Bitcoin ETF was approved by the Securities and Exchange Commission (SEC) in the USA last Friday. This ETF was filed by ProShares, which will offer more exposure to cryptocurrencies to the people interested in them.
However, will the approval of ProShares’ Bitcoin ETF also make it easier for people to invest in Bitcoin and adopt crypto assets overall? Let’s find out.
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How ETF Approval Can Benefit Overall Crypto Adoption?
ProShares is an American company that filed for the approval of its ETF recently. It is now the first ETF approved by SEC in the USA and is set to launch sometime this week.
This BTC Futures ETF will reportedly track the BTC Futures market on the NYSE (New York Stock Exchange).
ProShares plans on providing new opportunities to the investors through this ETF. It will enable investors to gain more exposure to BTC returns in a transparent and liquid way.
According to ProShares:
“The fund seeks to provide capital appreciation primarily through managed exposure to Bitcoin futures contracts.”
Following the ETF approval, many crypto enthusiasts were left wondering if this will boost mainstream crypto adoption? To the delight of crypto enthusiasts, it is undoubtedly going to be helpful for people who have had no prior exposure to crypto.
According to reports, the ETF will make BTC investing more accessible to people. It will also prove to be helpful for consumers who are concerned regarding the regulation of digital assets.
In short, with the help of the ETF, the investors will be able to keep a track of BTC’s price in a regulated manner. This will be done by following the BTC Futures, instead of the actual price of the flagship crypto asset.
The anticipation of the ETF approval and the actual news of the approval, both proved to be quite beneficial for the largest digital asset as it grabbed the attention of major investors. The price of Bitcoin was also seen to surge, which was yet another positive indication that the BTC ETF would be profitable for crypto.
The SEC approval is monumental for the crypto industry as regulation indicates acceptance of Bitcoin and other digital assets.
This regulation will also give rise to new opportunities for the investors, which is quite an exciting trajectory for the cryptocurrency industry in the USA.
Are you a BTC Investor or Trader?
If you are interested in the flagship cryptocurrency, Bitcoin, you should know that it has been doing quite well for the past couple of weeks. It has seen some price fluctuations, however, it sits nicely at the $60k price mark, which was an important region to reclaim.
Bitcoin is currently trading at $60,975 (at the time of writing) and is expected to move higher up the ladder and touch the $70k price mark.
The SEC is also planning to consider the approval of more ETFs, which is exciting and huge for the overall crypto industry.
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