[안선영의 아주-머니] ‘Trump beneficiary asset’ Bitcoin, big jump with ETF option launch?

<img alt="Bitcoin real-time trading prices are posted at the Gangnam branch of Bithumb Lounge in Seocho-gu, Seoul on the morning of the 7th. According to Coinbase, a U.S. virtual currency exchange, at 5:50 p.m. Eastern Time on the 6th local time, the price per Bitcoin was 70,000, up 916 from 24 hours ago. It showed 5,914 dollars and 106.35 million won. After exceeding the $75,000 level for the first time in history the day before the US presidential election, it exceeded the $76,000 level in just one day, raising the highest point to $76,500. Photo Yonhap News” height=”388″ id=”imgs_2597812″ photo_no=”2597812″ src=”https://image.ajunews.com/content/image/2024/11/08/20241108105046360297.jpg” width=”640″/>
On the morning of the 7th, real-time Bitcoin transaction prices are posted at the Bithumb Lounge Gangnam branch in Seocho-gu, Seoul. [사진=연합뉴스]

As former President Donald Trump decides to return to power, the price of Bitcoin, the leader in virtual assets, is breaking new highs every day. As the launch of a Bitcoin spot exchange-traded fund (ETF) option product is expected to be launched in the United States at the end of this year, attention is focused on whether there will be synergy with the election of former President Trump.

According to CoinMarketCap, a virtual asset market relay site, on the 8th, as of 8:30 pm on this day, Bitcoin is trading at $76,138, up 1.7% from the previous day. Bitcoin, which reached $74,000 for the first time the previous day, surpassed $75,000 as the possibility of former President Trump being elected increased. Afterwards, it continued to fluctuate and exceeded $76,000 this morning.

Former President Trump has consistently stated that he would implement pro-virtual asset policies if elected. In addition, the analysis is that there is a growing possibility that Bitcoin spot ETF option products will be launched in the near future, acting as a new rising material in the virtual asset market.

Once the product is launched, large institutional investors will be able to not only buy and sell Bitcoin spot ETFs, but also option transactions where they can bet on when the Bitcoin spot ETF price rises and falls. This has the effect of further expanding the function and scope of Bitcoin as an investment asset. This is why expectations are growing that the spot Bitcoin ETF can once again become an asset that can appeal to institutional investors of various classes, just as it expanded the Bitcoin investor base.

Jeong Seok-moon, an advisor at Corbit Research Center, said, “Some experts are concerned about the ripple effects of the launch of Bitcoin ETF options, such as a decrease in Bitcoin volatility, promotion of Bitcoin-collateralized lending, and a decline in futures basis,” adding, “Bitcoin is fundamentally a store of value.” “Considering that it is expanding, this change will be an effective growth accelerator for the emerging asset called Bitcoin,” he said.

However, even if various Bitcoin ETF products are launched in the United States, it is unclear whether domestic approval will be achieved in a short period of time. Domestic capital market law does not allow the issuance and brokerage of spot ETFs for all virtual assets, including Bitcoin. The Financial Services Commission’s position is that it is impossible to approve the ETF because virtual assets are not included in the ETF’s underlying assets stipulated by the Capital Markets Act.

With the launch of the Virtual Asset Committee, a public-private virtual asset policy organization, on the 6th, expectations for domestic approval are growing, but it is difficult to estimate the immediate timing of approval. For a Bitcoin spot ETF to be approved, discussions are likely to be prolonged because corporations must be allowed to hold virtual assets and the Capital Markets Act must be revised.

Jang Bo-seong, a researcher at the Korea Capital Market Institute, said, “Although expectations are high for the innovativeness of virtual assets, there is still a task to prove their actual usefulness, and it will take a lot of time for each country’s market regulations to be established.” He added, “Considering these conditions, major countries “It is desirable to begin an institutional review regarding the launch of a domestic spot ETF after sufficient evaluation of precedents and their pros and cons,” he said.

Reporter Information Seonyoung Ahn [email protected]