Bitcoin is becoming a regular name in the investment market of late. Its old ‘Wild West’ tag has long since passed and it is now an installed and accepted investment asset. In fact, it is the best performing asset in the last two years. This year alone it has grown northwards of 120%.
Old concepts of the cryptocurrency still linger, but when market analysis is done afresh based on its current state, the Bitcoin of 2 years ago is like night and day, when compared with current Bitcoin.
The next logical step for Bitcoin would be for it to secure ‘Exchange-traded Fund’ (ETF) status, as this would ensure that it reaches a far greater market than it is exposed to at the moment. While the Bitcoin futures market derivative sits in the hundreds of millions of dollars and proves that big businesses are taking the market seriously, the coinage now needs to be freely available for the man on the street, where your neighbour could dial up a stockbroker and buy some legitimate Bitcoin stock.
The US Securities and Exchange Commission (SEC) has tried to fend off a move for a Bitcoin ETF for a while now, after initially turning down an application a few years ago, when the Winklevoss Twins applied for ETF status. Fortunately for Bitcoin, the currency has grown tremendously in the last two years and might actually be ready to acquire this status.
Bitwise has applied for a Bitcoin-based exchange-traded fund and are optimistic about their SEC approval. The SEC cannot stall any longer on the issue and have set a deadline for October 13th 2019 to provide a final answer on whether or not it will approve the application.
WHAT IS AN ETF?
A Bitcoin ETF is a financial vehicle which would allow customers to purchase the e-coin through a stock brokerage account. Instead of hassling directly with an exchange, brokers would be able to manage a Bitcoin portfolio for you, taking much of the risk involved with purchases away from those who are not clued up when it comes to technology, as a whole.
A Bitcoin ETF would literally give granny and grandpa the perfect opportunity to buy cryptocurrency without fumbling over the computer keyboard themselves.
WHAT MAKES BITCOIN READY FOR THE MOVE?
Though Bitcoin remains highly volatile, its growth this year alone has been resounding. In the past, Bitcoin was a real risk investment, with no security involved in purchasing and storing it. Today, investments and trades are conducted through regulated and insured custodians.
Platforms, such as Coinbase and others, have hundreds of millions of dollars’ worth of insurance against loss.
In two years, 6 of the top 10 crypto exchanges are regulated by the New York Department of State, with suitable protocols in place for market surveillance. It is truly one of the most sophisticated and efficient markets in the world and it is only set to mature more.
HOW WOULD THIS BENEFIT US ALL?
Opening up Bitcoin and cryptocurrency to Wall Street would have a number of advantages. The asset would be made available to many more mainstream investors, with added perks of enhancing elements surrounding price discovery and liquidity. This would fly in the face of exorbitant premiums levied by other digital currency investment parties.
A Bitcoin ETF will make investment management far easier, as customers would be afforded a clearer overview of all their assets. Being able to assign a broker to deal with the buying and selling of the asset can also take a big load off of the shoulders of investors.
The Bitcoin market is ready to progress another level. Approving Bitcoin as an ETF would be another milestone towards making the currency more user-friendly. This move is sure to punt the popularity of the e-currency into the stratosphere. Greater popularity and user-friendliness will eventually lead to a far more stable market, re-enforcing Bitcoin’s identity as a viable currency.
Any further moves towards wider Bitcoin integration is great news for the existing and potential cryptocurrency trade market. Increasing the market share for Bitcoin-First businesses, such as VegasCasino, can only lead to increased customer satisfaction within the market. This will be realised as businesses gear themselves for increased interest by increasing their offerings in hopes of winning over a large chunk of the now increased market. The competition will only increase, causing better deals for customers in the long run.
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