The first step towards the “Bitcoin ETF dream”
Last week, I revealed the Bitcoin ETF “dream” unfortunately hit a roadblock.
And it was all thanks to the Securities and Exchange Commission (SEC) for delaying its decision on whether to approve a Bitcoin ETF.
This prompted a “mini-crash” in the bitcoin price (and cryptos in general), which fell around 12% overnight.
But once the markets digested this negative news, something else big happened in the crypto markets, which saw Bitcoin jump over $300 dollars in a matter of hours.
In fact, this development could be the first step towards the long-awaited “Bitcoin ETF dream”.
Let me explain…
In 2015, a bitcoin exchange-traded note (ETN) was launched and started trading on the Nasdaq Stockholm stock exchange in Sweden called Bitcoin Tracker One.
ETNs are different to ETFS. ETFs hold baskets of shares or other assets that track the performance of a benchmark index or asset. Whereas, an ETN tracks the performance of a benchmark index or asset without holding the actual asset.
So the Bitcoin Tracker One tracks the price of Bitcoin.
Now in the past, investors could only buy this ETN using Euros or the Swedish krona.
Although this was a huge step for bitcoin, the market for investment was quite limited.
That’s until now.
You see, from 15 August, US investors are now allowed to buy this ETN, using dollars.
CEO of CoinShares Holdings (the company that developed the ETN), Ryan Radloff, told
And what’s even more interesting is, senior ETF Analyst for Bloomberg said, “Sweden’s Bitcoin exchange-traded fund (ETN) is bigger than around 80 percent of US exchange-traded funds (ETFs)”. It already has $700 million in assets, so it’s highly liquid and popular and US investors haven’t even bought it yet.
“Everyone that’s investing in dollars can now get exposure to these products, whereas before, they were only available in euros or Swedish krona. Given the current climate on the regulatory front in the US, this is a big win for Bitcoin.”
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So, why is this a huge win for Bitcoin?
Well, there are many positives this new development can have on crypto markets – especially Bitcoin.
Firstly, a substantial upsurge of interest in the product is expected to take place as US investors jostle to buy this ETN.
Secondly, as interest grows and more US investors get involved, this could see an inflow of cash from US institutional investors.
And thirdly, the introduction of a Bitcoin ETN in the US could be seen as an opening for the much sought after Bitcoin exchange-traded fund (ETF).
If all goes well, this latest development could create a compelling case for US regulators to approve a crypto ETF.
All these factors mean, more investors piling into Bitcoin, which hopefully is the catalyst for a price surge.