Reviews Bitcoin: a tracker (ETF) will land on the Wall Street
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Stock Exchange for the first time in its history, the Wall Street Stock Exchange will accommodate an indirectly individually linked to Bitcoin.
Bitcoin will make a historic entry, by the small door, to the New York Stock Exchange on Tuesday with the launch of an ETF investment fund, linked to the evolution of the popular digital currency, listed for the first time to Wall Street. This event is highly anticipated in the world of cryptomonnaium and propelled the Bitcoin above the $ 62,000 in recent days, at the highest since April. The proshares Index (ETF), which will follow the Bitcoin futures market, will begin to trade Tuesday on Nyse, under the acronym Bito, said Monday the Specialist Society of ETFs in a statement.
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A spokesman for the New York Stock Exchange confirmed to the AFP that this first index fund related to a cryptomonnaie would be negotiated from the opening of the market, Tuesday, at 13:30 GMT. By buying units of this new ETF investors will not bet directly on bitcoins but they will place their money in a range of term contracts related to Bitcoin. ETF index funds are investment vehicles whose savers can sell and buy units at any time, unlike most conventional funds, which have entry and exit windows.
They have developed exponentially for twenty years and now weigh more than $ 5,000 billion in the United States, which represents 70% of the global market. "ProShares, one of ETF's leading suppliers, plans to launch (Tuesday) Bitcoin's first ETF (...), it's a major step for ETFs," the fund announced in a statement. ETFs exposed to Bitcoins already exist in Asia and Canada, but this is the first time the US market, the most important financial area in the world, opens to this type of product.
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The market gendarme, the SEC, did not oppose the launch of this fund, while it had done it several times in the past for others. But the regulatory agency has issued a last weekend warning tweet, reflecting the doubts and criticism of new digital assets. "Before investing in a fund that holds future contracts on BITCOIN, make sure you have weighed risks and benefits," written dry.
- Phenomenal growth -
"Bito will provide investors with the opportunity to easily expose to Bitcoin yields, via a brokerage account (...) which eliminates the need for an account on a cryptomonnaie exchange platform And a crypto portfolio, "says ProShares, a division of the Profunds group, which manages $ 29 billion of assets and a dozen ETFs. In particular by this very awaited outlet, the price of Bitcoin has been flexible for a month, gaining some 40% and approaching its historical record reached six months ago to 64,870 dollars.
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"We think there is a multitude of investors looking forward to the launch of a Bitcoin-related ETF after years of effort to launch a", assured Monday the CEO of Proshares, Michael Sapir. "We remember 1993 and the first ETF of shares, 2002 for the first ETF of bonds and 2004 for the first ETF of gold. 2021 will remain in the memoirs for the first ETF linked to a cryptomonnaie", congratulates society.
Several other fund managers are also in starting-blocks to offer this type of new financial products to the rating and have made requests to the scholarship gendarme, the SEC. Among them are the Valkyrie Investments or Invesco funds. The appearance of this new investment product backed by cryptomonnae is another sign of the increasing legitimization of digital currencies, which accelerated in 2021.
The cryptomonnaire market has experienced a qualified "phenomenal" growth by the International Monetary Fund (IMF), which assessed their capitalization at the end of September to more than $ 2,000 billion, the essentials being represented by Bitcoin in the first place, followed by the Ether. Six months ago, the largest American platform for Bitcoin exchanges, Coinbase, entered Wall Street. Founded in 2012 in San Francisco (California), the platform makes it possible to buy and sell about fifty cryptomonnaires. It is valued on the stock market to more than $ 60 billion.
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