Bitcoin ETF Approval Granted - Why Didn't This Happen Sooner?

cryptocurrency 1 month ago

Bitcoin broke the $60,000 price barrier over the weekend for the first time since April. Many are expecting new record highs in the coming days - they might've been reached while we were recording this - but what feel is more interesting is the possibility that this is just the start of another bull run that could lift the price another 50% or even more. Let's dive deeper into why this first ETF on the New York Stock Exchange is so important and what it means. 🚀 Save money on every crypto trade you make with StormGain! Enjoy a onetime 0.1% trading fee with this link: The first time Bitcoin ETFs were mentioned was back in 2013, when the Winklevoss twins, founders of the Gemini cryptocurrency exchange, looked to start a Bitcoin ETF but were unsuccessful. More recently, on Dec. 30, 2020, VanEck filed for a Bitcoin ETF that would invest directly in bitcoins. However, in mid-September, the SEC delayed its decision on the VanEck Bitcoin Trust for an additional 60 days. It's now expected to approve or reject the proposal by Nov. 14. So yesterday, ProShares, an exchange trading company, listed an ETF that tracks Bitcoin futures on the New York Stock Exchange. It's listed as "BITO," the company said. The ProShares CEO Michael Sapir said in a statement that "BITO will open up exposure to bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider". Bitcoin stands at $62,300 at the time of recording, close to the all-time high of $64,800 it reached on April 14. 📊 Join our global trading community on Telegram. Get access to a free trading course, trading signals, and receive help from professional cryptocurrency traders. ✈️ JOIN NOW!: TWITTER: FACEBOOK: INSTAGRAM: TIKTOK: Disclaimer: Although BeInCrypto aims to inform and educate readers from all over the world, it is important to remember that investing in cryptocurrency is risky. Neither this video nor its authors should be held responsible for any investment decisions, and nothing published here should be considered financial advice. We always urge our readers/viewers to do their own research and never invest more than they can afford to lose.
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