![]() ![]() Simon Peters : While ProShares (BITO) is not an ETF holding the underlying asset that many in the crypto community want to see, it’s still a step forward in the right direction.Ī Bitcoin futures ETF now provides a convenient way for investors to get exposure to the Bitcoin price movement. It is likely that we will one day see an Australian Bitcoin ETF as demand for the asset continues globally. A futures-based ETF like BITO paves the way to a spot ETF in the near term, which would be a significant milestone and have a positive impact on the Bitcoin price. The ETF means large institutional investors and investment houses can easily participate in a very traditional sense in the fortunes of BTC. ![]() In the case of BITO, it’s a good thing for Bitcoin. Peter Kazacos: Anything that makes it easier for investors to get exposure to an asset is a good thing for that asset. It’s hard to predict when this will happen, but the success of BITO so far is a very positive thing. We can expect that Australian regulators are watching what happens in the US and will use this as a framework for decisions on local products. We saw US$1 billion in trading volume on the first day which is a great achievement, and another of the many positive news stories we have seen lately for crypto adoption. ![]() The timing of the BITO launch is also significant in that it went live when the Bitcoin price was reaching all-time highs. Jonathon Miller: The launch of a Bitcoin ETF is an exciting moment for the maturation of the digital assets industry and a good measure of where Bitcoin is in its adoption journey. What are your thoughts on a futures-based Bitcoin ETF, and will we ever see something similar on the ASX? The Motley Fool: The launch of BITO garnered a lot of investor excitement and looks to have helped drive the Bitcoin price to new highs. Simon Peters, market analyst at global online trading platform eToro.Peter Kazacos, owner of Kaz, technology partner for Quantum Digital Assets Limited.Jonathon Miller, managing director Australia of cryptocurrency exchange Kraken.(For details on the launch of the ProShares Bitcoin Strategy ETF (NYSE: BITO), go here.) With that level of interest in mind, the Motley Fool reached out to 3 crypto experts for their take on BITO, the new US listed, futures-based Bitcoin exchange traded fund (ETF), and their forecasts for where the Bitcoin price could be heading next. Interest in the world’s biggest crypto remains elevated, with more than US$45 billion worth changing virtual hands over the past 24 hours, according to data from CoinMarketCap. The digital token’s lost 6% since then, currently trading for US$62,845. The Bitcoin (CRYPTO: BTC) price has retreated from Wednesday’s new all-time highs of US$66,930 (AU$89,240). ![]()
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