The first Bitcoin EFTs have been approved by US regulators and are now available for investors.
For those who do not know the deep paths of the US financial system we inform them that the US Securities and Exchange Commission (SEC), approved the ability to buy and sell the first tradable mutual funds based on the popular cryptocurrency (Bitcoin EFTs).
Fifteen years after the first Bitcoin block was mined, the US Securities and Exchange Commission has made 11 Bitcoin ETFs available to investors, including Grayscale, Fidelity, BlackRock and others.
In particular, SEC Chairman Gary Gensler said, “While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve Bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.”
What does all this mean? Simply that you can invest in Bitcoin, without the hassle of creating your own wallet. Invest in Bitcoin based funds.
This can be a springboard for investors new to cryptocurrencies. On the other hand, Bitcoin will see an increase as companies issuing ETFs will have to buy corresponding amounts of Bitcoin.
Until recently, the SEC was rejecting applications for Bitcoin ETFs, saying they are not safe enough for investors. But last April, a court ruled that the SEC's denial of an ETF was "arbitrary and capricious," paving the way for today's approval.
