The world’s biggest financial players want to offer their clients the Bitcoin cryptocurrency in electronically traded funds (ETFs) and have approached US regulators for permission to set them up. Some call this positive news for the value of cryptocurrencies, while others point out that in the long run these “paper” investments will damage the reputation and do more harm than good.
Bitcoin was originally created as an alternative to traditional finance – state-controlled currencies and volatile stock markets, where huge institutional investors who manage billions of dollars worth of assets have great weight and influence.
Well, the same institutional investors who saw Bitcoin as “nonsense” a few years ago are planning to create an ETF that would allow clients to invest in cryptocurrencies without buying the cryptocurrencies themselves, thereby at least theoretically reducing the risks that come with investing in the volatile digital coins that are rising in value. and falls due to the trust and expectations of their users.
It should be mentioned that this would not be the first product of “Bitcoin” or other cryptocurrencies, but, according to experts, it would be the first in the United States, which could directly affect the prices of cryptocurrencies.
Submit the documents
In mid-June, the American investment company “BlackRock”, which manages more than 9 trillion US dollars globally on behalf of its clients, turned to the US financial market regulator (SEC) with documents on the creation of a “Bitcoin” fund – “iShares Bitcoin Trust”.
At the end of June, the no less well-known investment company “Fidelity” followed.
“The fact that BlackRock, a well-respected and well-known asset management company, has filed for a Bitcoin ETF can be seen as a positive development in the search for regulatory approval,” Joshua Chu, chief risk officer at blockchain technology group XBE, told Reuters.
2023-07-06 11:00:04
#Billionaire #managers #introduce #Bitcoin #funds #cryptocurrencies #profitable
