Jeremy Allaire, the co-founder and CEO of Circle, has suggested an emerging trend in the acceptance of Bitcoin exchange-traded funds (ETFs), as regulatory concerns are being reevaluated.
ETFs, which are marketable securities that track indices, bonds, or commodities, including cryptocurrencies like Bitcoin, have witnessed a surge in filings. As a result, leading tokens like Bitcoin have experienced a substantial price increase.
How does this impact you- the investor? Read on.
During an interview with Bloomberg in China, Allaire predicted greater accessibility for general investors to such products.
“I believe progress is being made with more mature market structures that would support something like that. You have mature spot markets, well-regulated custody infrastructure, and good market surveillance.”
Notably, the U.S. Securities and Exchange Commission (SEC) has recently received numerous Bitcoin ETF filings from reputable asset managers such as Blackrock and Invesco. This development has sparked optimism among experts, who credit the introduction of robust market surveillance methods as the catalyst for these spot ETF approvals. It is reminiscent of the scenario in Ontario, where the establishment of a mature custody ecosystem was a prerequisite before the first Bitcoin ETF was embraced for trading in Toronto.
Read More: Breaking: WisdomTree Files for Bitcoin ETF, Following Blackrock’s Lead
The ProShares’ Bitcoin Strategy ETF (BITO) recently recorded the highest weekly inflow in over a year, with a staggering $65 million. This substantial investment demonstrates the growing consideration for the asset class among investors. Allaire further alluded to the increasing demand for digital dollars in emerging markets.
“Singapore regulators have been at the forefront of this, and Hong Kong is looking to establish itself as a significant centre for the digital asset markets and stablecoins. We’re paying very close attention to that.”
Ready or not, the Bitcoin ETF wave is coming! Stay prepared for a changing crypto landscape and remain updated by following Coinpedia’s updates.
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